Bitcoin's Range-Bound Price Faces Critical Breakpoint
Bitcoin's price has been stuck in a tight range between $63,000 and $68,700 for nearly three months. According to data from CoinGecko, the cryptocurrency traded within this range throughout the week.
Analyst Ted Pillows noted that Bitcoin failed to hold above $65,000 despite gains in stocks and metals, indicating fading momentum. His chart work suggests a possible slide toward $60,500-$61,000 before any bounce, levels BTC has tested during prior quiet summer stretches.
On-chain data from Lookonchain shows a wallet linked to Paxos sold 800 BTC worth approximately $50.72M through the trading firm Wintermute, adding supply at a time when buyers are hesitant. US spot Bitcoin ETFs recorded $61.16M in net outflows on August 12.
While sellers are exhausting their supply, Glassnode's seller exhaustion readings have not yet confirmed historical bottoming signatures. A sustained reclaim of the $68,700 short-term holder cost basis could flip recent buyers back into profit and pave the way for new local highs.