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Bitcoin rebound stalls as buyers and recent investors sell below $70,000
Bitcoin briefly crossed $65,000 for the first time in about a month, then fell back under $63,000 as on chain data showed both long term holders and short term buyers trimming positions.
Bitcoin’s rebound faltered after the price briefly pushed above $65,000, then retreated under $63,000, leaving the market short of a key test for whether demand can absorb selling into rallies, according to CryptoSlate.
CryptoSlate cited data showing the move came after softer US inflation data, which marked Bitcoin’s strongest response to favorable economic news in weeks. Still, the retreat underscored how quickly the rebound pulled liquidity from investors on both sides of the prior downturn.
The report pointed to CryptoQuant and Glassnode indicators, saying Bitcoin has traded below the realized price of the 18 month to two year UTXO cohort since early June. That break even proxy has risen to about $80,800, while long term holder realized loss volume increased as Bitcoin approached $66,000, suggesting some investors used the rebound to reduce exposure despite holding at unrealized losses.
At the same time, CryptoSlate said short term holders were selling into the recovery as well, with profits taken at volumes last seen around the market’s May peak. The combined effect has added selling pressure, as Bitcoin remains below the short term holder cost basis near $69,000, where another group of recent buyers would return to break even.
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