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Bitcoin stays stuck below $68.7K as short-term holders aim to break even
Glassnode said short-term holders are about 7.2% underwater on aggregate, making the $68,700 realized cost basis a key resistance level.
Bitcoin has remained pinned below the $68.7K area as short-term holders, meaning investors who bought within the past six months, try to reach break even, according to crypto analytics firm Glassnode.
Glassnode said the short-term holder cohort is roughly 7.2% underwater in aggregate, and that its realized price, calculated at about $68,700, has been acting as a resistance level. It also pointed to spot trading just above the median realized price near $63.0K, a level that splits holders’ cost bases.
The analysis ties the current stalemate to the supply overhang created during a range-bound period, with BTC/USD trading in a narrow $58,000 to $68,000 band since early June. The report described this dynamic as part of a broader pattern seen in bear-market conditions.
The story also cited research from Bitfinex Alpha, saying a large portion of BTC supply moved onchain during the range, with the $62,000 to $65,000 band holding 1,794,308 BTC at that cost basis, or 8.9% of circulating supply based on the URPD measure.
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