Stuck in Neutral: Bitcoin's Lackluster Price Action Amidst Record Equities

Bitcoin's spot trading volume has hit its lowest level since 2019 as sellers begin to tire and buyers stay absent, leaving the market stuck between $63,000 and $68,700.

Despite benign inflation data and equity markets at record highs, Bitcoin failed to bounce, indicating a lack of demand. This is according to Glassnode analyst Frederik Theissen's weekly on-chain report, which noted that July's core inflation rate came in at 2.5%.

The Median Realized Price at $63,000 has absorbed every test from above for over a month, while the Short-Term Holder Cost Basis at $68,700 sits overhead, representing the average entry price of recent buyers who are currently underwater and historically quick to sell into any recovery.

Glassnode's report highlighted that reclaiming $68,700 would flip recent buyers back into profit and open the first real test of overhead supply, while losing $63,000 leaves little structure before the June lows.