Bitcoin Price Range-Bound as Sellers Exert Pressure

Bitcoin's price has been stuck in a narrow range between $62,000 and $65,000 over the past week. On-chain data suggests that this could be a potential recovery setup for the cryptocurrency.

The Supply in Profit metric indicates that downside risk may have eased, as it remains within a historical range that precedes recoveries. However, short-term holder realized prices are still converging and have not yet confirmed a bullish crossover, which would signal stronger demand.

Capital flows are mixed, with some Bitcoin moving off exchanges and reducing immediate sell supply. But longer-term inflows suggest that sellers are still exerting pressure on the market, keeping Bitcoin range-bound until buying demand increases.