Speculative Investors Pin Bitcoin Price Below $68.7K

Bitcoin's price action remains stuck in its near three-month range, a phenomenon Glassnode attributes to speculative investor activity.

The analytics platform notes that nearly 9% of the BTC supply has a cost basis between $62,000 and $65,000, making it a key resistance level for price to clear. Short-term holders, who are around 7.2% underwater on their investment in aggregate, are keen to sell into range highs as they seek to break even.

This creates a stalemate, with the median realized price at $63,000 and the short-term holder cost basis at $68,700 acting as significant barriers to a breakout. As a result, BTC/USD has been wedged in a narrow range between $58,000 and $68,000 since June.

Bitfinex Alpha notes that a significant portion of the BTC supply has moved onchain during this period, with 8.9% of circulating supply held at a cost basis between $62,000 and $65,000. This has resulted in a large volume of coins changing hands as investors move between profit and loss.