Nearly 9% of Bitcoin supply clusters around $62,000-$65,000, pressuring prices as speculators seek breakeven exits.
Bitcoin’s failure to breach $68.7K stems from short-term holders selling into rallies to recoup losses. These investors, holding BTC acquired in the past six months, are collectively 7.2% underwater, creating resistance at their average entry price of $68,700.
The cryptocurrency has traded in a tight range since June, with nearly 9% of the supply concentrated between $62,000 and $65,000. The median realized price, at $63.0K, further anchors spot prices, splitting the cost basis of all coins.
Historically, underwater short-term holders liquidate quickly during recoveries, reinforcing the current stalemate. The dynamic highlights the challenge of overcoming near-term speculative pressure.