Bitcoin Price Stalls at $65,000 as Holder Selling Risk Rises

Bitcoin's price recovery has stalled at around $65,000 after failing to reclaim the short-term holder cost basis of $67,523. This leaves the market exposed to renewed selling from investors seeking breakeven.

The daily chart shows that Bitcoin is trading above its 20-day and 50-day simple moving averages but remains below its 100-day SMA at $68,052 and its 200-day SMA at $70,295. The short-term recovery has not yet reversed the broader downtrend.

CryptoQuant analyst Axel Adler Jr. noted that Bitcoin is trading 3.8% below the short-term holder realized price, which could attract selling from holders seeking to exit near breakeven. This gap was the narrowest since July 21 and brings more short-term holders closer to breakeven.

The 4-hour chart offers a more constructive short-term picture with Bitcoin trading above the Bollinger Band midline at $64,647 and close to the upper band at $65,257. However, the immediate bias remains mildly bullish while BTC holds above $64,000.