Bitcoin's Price Stuck as Short-Term Holders Seek Break-Even

Bitcoin's price has been stuck in a near-three-month range between $58,000 and $68,000 since June. According to Glassnode, this stagnation is due to the behavior of short-term holders (STHs) who are keen to sell into range highs as they seek to break even on their investment.

Glassnode notes that nearly 9% of the BTC supply has a cost basis between $62,000 and $65,000. This means that these STHs are underwater, having invested in Bitcoin at higher prices than the current market value.

The median realized price of Bitcoin is around $63,000, while the short-term holder cost basis is at $68,700. As long as spot prices remain below this level, it's likely that these STHs will continue to sell into recoveries.