Why Bitcoin Can’t Break $68,700?
Bitcoin has already been in a relatively narrow range for nearly three months, and according to Glassnode, there is a fairly interesting reason for it.
The key level right now is $68,700. This is the average purchase price of short-term BTC holders.
Most of this group bought their coins recently and are currently about 7% below their break-even point. So as Bitcoin approaches $68,700, some holders may start selling simply to exit their position without a loss.
This creates a kind of barrier:
BTC rises → approaches $68,700 → early buyers begin selling → the rally stalls.
At the same time, there’s another important level below—around $63,000, the median realized price of Bitcoin.
That’s where the market is being squeezed right now—between these two marks.
There’s more: nearly 9% of the circulating BTC supply is concentrated in the $62,000–$65,000 range.
In other words, the market has literally formed a large cluster of buyers who closely watch their entry levels.
#Bitcoin #BTC #Glassnode
Bitcoin has already been in a relatively narrow range for nearly three months, and according to Glassnode, there is a fairly interesting reason for it.
The key level right now is $68,700. This is the average purchase price of short-term BTC holders.
Most of this group bought their coins recently and are currently about 7% below their break-even point. So as Bitcoin approaches $68,700, some holders may start selling simply to exit their position without a loss.
This creates a kind of barrier:
BTC rises → approaches $68,700 → early buyers begin selling → the rally stalls.
At the same time, there’s another important level below—around $63,000, the median realized price of Bitcoin.
That’s where the market is being squeezed right now—between these two marks.
There’s more: nearly 9% of the circulating BTC supply is concentrated in the $62,000–$65,000 range.
In other words, the market has literally formed a large cluster of buyers who closely watch their entry levels.
#Bitcoin #BTC #Glassnode