Bitcoin Stalls at $68,000 as Sellers Counter Buying Momentum

Bitcoin's price has rebounded to nearly $64,000, but it faces significant resistance near $68,000. This level marks a cluster of 3.55 million BTC bought between 6 to 12 months ago, which is now at breakeven prices.

A large number of holders are selling their coins at this level, causing strong selling pressure that slows further gains. Despite steady inflows into spot Bitcoin ETFs, sales by large holders with 100 to 1,000 BTC total about $5.1 billion and counterbalance buying momentum.

A sustainable breakout above $68,000 will require strong spot demand to absorb this selling pressure without relying on speculative leverage. This could potentially signal a new upward phase for Bitcoin and the crypto market.