Bitcoin Weekend Break: $62,500 Floor at Risk of Collapse

Bitcoin is trading near $62,900 as it heads into the weekend. The price action has been stuck in a five-week range between roughly $62,000 and $66,000, with the floor of that zone sitting at around $62,500 to $62,560.

A break below this level could unleash a selling wave toward $58,500, according to analysts. The zone itself is crucial because it represents a heavy concentration of break-even supply between $62,000 and $65,000, with approximately 1.79 million BTC held at cost basis.

This concentration of coins could lead to selling pressure if the price falls below $62,500. Long-term holder supply has also been declining, with around 210,000 BTC sold since July 29. The average acquisition cost for these coins sits closer to $71,000 to $76,000, indicating that recent buyers are underwater.

Despite the weaker retail sales print and softer inflation data, which argue against a September rate hike, an oil shock in the Strait of Hormuz could lead to sticky inflation and yields. This scenario would likely see Bitcoin repricing geopolitical risk before traditional markets reopen.