Bitcoin Buyers Keep Price Capped Below $68,700, Glassnode Says

Bitcoin remains stuck in a tight trading range as recent buyers push to break even on their investments, according to analytics platform Glassnode.

Short-Term Holders Create Resistance

Investors who bought Bitcoin within the past six months are sitting roughly 7.2 percent underwater on average, with their collective cost basis sitting near $68,700. Glassnode explains this level forms a key resistance zone, since these buyers tend to sell as prices recover toward their entry point. Meanwhile, the median realized price near $63,000 has acted as a floor, holding steady for more than a month.

Trading Range Holds Since June

Bitcoin has moved between roughly $58,000 and $68,000 since early June. A long-term trend line near $65,800 is adding further pressure within that range.

Supply Concentration Adds to the Standoff

Research shows nearly 1.79 million BTC, about 8.9 percent of circulating supply, has a cost basis between $62,000 and $65,000. This concentration means a large volume of coins keeps shifting between profit and loss, reinforcing the current price boundaries. Just above the short-term holder cost basis sits Bitcoin’s previous all-time high of $69,400, set in November 2021.