Bitcoin Stuck at $64k Amid Weak Demand, Low Stablecoin Supply

The Bitcoin market has been stuck in a range-bound pattern, oscillating between $60k and $66k since June.

The short-term holder spent output profit ratio (STH SOPR) is at 1, indicating that coins held for under 155 days are at their cost basis. The taker buy/sell ratio shows a slight skew towards aggressive sellers.

A stablecoin supply ratio of 11.58 suggests low stablecoin supply and limited buying power. This has resulted in weak new demand, preventing a bullish momentum in the market.