Bitcoin's $63,000 Stall Exposes Weak Buyers Amid S&P 500 Record

Bitcoin's price stagnation around $63,000 has exposed the weakness of its buyers, even as stocks continue to rally. The S&P 500 reached a record high on Thursday at 7,798.99, while Bitcoin traded at $63,347.73, just above an on-chain level that had absorbed every test above it for over a month.

Sellers appear exhausted, but new demand remains too weak to push the price away from support, despite a favorable macro backdrop. The US producer prices were unchanged in July, and the 10-year Treasury yield eased to 4.64% from 4.68%. Brent crude fell by 2.1%, giving stocks room to reach new highs.

The divergence between strong stock performance and weak Bitcoin price has led some to interpret it as a selective-risk scenario, where investors are willing to take on risk while Bitcoin remains pinned near its recent structure.

According to Glassnode's Week On-chain analysis, $63,000 is Bitcoin's Median Realized Price, the point at which half of the circulating supply last moved. Holding above this level for over a month has become more consequential as demand weakens, making it a potential resistance point if broken decisively.

With thin liquidity and leveraged positioning increasing downside risk, sellers are tiring while new buyers remain scarce. Glassnode's evidence suggests that Bitcoin is in a late-stage demand drought, with barely half of circulating supply in unrealized profit. Reduced selling pressure has not produced a durable recovery, with recent ETF flows remaining small compared to earlier accumulation waves.