Bitcoin Stuck at $63,000 as S&P 500 Hits Record High
As the S&P 500 closed at an all-time high of $7,798.99 on Thursday, Bitcoin remained stuck around the $63,000 mark, a level that has proven stubborn to break above.
The weakness in Bitcoin's buyers is becoming increasingly evident, with Glassnode's data showing that the cryptocurrency is experiencing a late-stage demand drought. Sellers appear exhausted, yet new demand remains too weak to pull price away from support.
Despite the favorable macroeconomic backdrop, with US producer prices unchanged and 10-year Treasury yields easing, Bitcoin continues to struggle to attract sustained institutional flow. The concurrent strength in stocks and weakness in Bitcoin do not necessarily imply direct capital movement between the two markets.
The $63,000 level has been identified as Bitcoin's Median Realized Price, the price at which half of the circulating supply last moved. A decisive break below this level could expose the thinner market structure beneath the current range and increase the risk of an overshoot to the June low of $58,500.