1
Bitcoin (BTC) recent buyers are the latest hurdle to a breakout from a stubborn trading range in place since June.
Key points:
- Bitcoin short-term holders are keen to sell into range highs as they seek to break even on their investment.
- BTC price action remains stuck in its near three-month range as a result, Glassnode suggests.
- Nearly 9% of the BTC supply has a cost basis between $62,000 and $65,000.
Bitcoin short-term holders seeking breakeven exit
In the latest edition of its weekly newsletter, crypto analytics platform Glassnode highlighted the ongoing significance of Bitcoin’s speculative investor base.
Short-term holders (STHs) — those holding BTC acquired within the past six months — are currently around 7.2% underwater on their investment in aggregate. The cohort’s cost basis, also known as realized price, which Glassnode calculates at $68,700, thus forms a key resistance level to clear.
“The cost-basis ladder frames the…
