Bitcoin Trapped Below $66k as Weak Demand Keeps Market Range-Bound
The Bitcoin market has been stuck in a tight range between $60k and $66k for two months, with no clear signs of breaking out. According to CryptoQuant's data, the short-term holder spent output profit ratio (STH SOPR) is at 1, meaning that coins held for under 155 days are on average worth their cost basis.
The taker buy/sell ratio shows a slight skew towards aggressive sellers, while the stablecoin supply ratio measures Bitcoin's market cap to the aggregate market cap of all stablecoins and stands at 11.58, indicating limited buying power.
Despite strong HODLer conviction with record-high long-term holder supply, fear still lingers in the market. The daily miner revenue from block rewards has dropped below $30 million by mid-July, putting miners in a tight spot.