Supply Wall Cements Bitcoin Above $65,000 Resistance
Bullish bets on Bitcoin are rising again, but they're repeatedly failing to break higher due to a supply wall of 1.79 million BTC stacked near $65,000.
This has been a persistent issue for the past three weeks, with Bitcoin stuck in a range between $63,000 and $65,000.
The release of the U.S. July consumer price index (CPI) did little to change this, with the annual inflation rate matching market expectations at 3.4 percent.
According to Bitfinex, about 1.79 million BTC, or 8.93 percent of circulating supply, is concentrated in the $62,000 to $65,000 range, with the largest concentration near $63,800.
This has led to selling pressure whenever Bitcoin rises towards the upper end, making it difficult for the price to break above resistance at $65,000.