Bitcoin Stabilizes Near $65,200 Amid Weakening Spot Demand

Bitcoin has steadied at around $65,200 after short-term holders started selling their coins at a slight loss. The 30-day Short-Term Holder SOPR (Self-Received Price) is near 0.997, indicating this trend.

The number of long positions in futures has reached an all-time high of 361,000 BTC, worth about $23.4 billion, which could lead to rapid liquidations if prices fall.

Despite the rise in futures activity, spot demand is weakening, raising concerns that a push to $67,000 may lack strong support from actual buyers.