BTC Price Stuck Below $68.7K as Short-Term Holders Seek Break-Even

Bitcoin's price has been stuck in a narrow trading range since June, and one reason for this is that short-term holders are keen to sell into range highs as they seek to break even on their investment.

According to Glassnode, nearly 9% of the BTC supply has a cost basis between $62,000 and $65,000, which forms a key resistance level to clear. This cohort is underwater, meaning they are currently around 7.2% below their investment value in aggregate.

The median realized price at $63.0K splits every coin's cost basis down the middle, while the short-term holder cost basis at $68.7K is the average entry of the market's most recent buyers. This has created a stalemate, with spot sitting just above the median realized price and below the short-term holder cost basis.

Rekt Capital warned that $63,000 was weakening as local support, with price gaining progressively less ground with each rebound from that level. Meanwhile, Bitfinex Alpha noted that a significant portion of the BTC supply has moved onchain during the range-bound period, keeping ownership dynamics at play.