Bitcoin Stuck Below $68.7K as Sellers Exhaust Supply
Bitcoin's price has been stuck between two cost bases for nearly three months, unable to move. The spot trading volume has fallen to its lowest level since 2019, indicating a lack of market activity.
The proportion of supply in profit is approaching historical bear market bottom territory, and the breakeven line has rejected rebounds nine times, suggesting that sellers are exhausting their supply.
Despite positive news, such as cooling inflation and record highs for U.S. stocks, Bitcoin's price remains stagnant. The July core CPI fell to 2.5%, but Bitcoin weakened against this trend.
The market is currently compressed, with spot prices trapped between $63,000 (the median realized price) and $68,700 (short-term holder cost basis). Below these levels lies support at $58,500, while above lies resistance at $68,700.