Bitcoin speculators keep BTC price ‘pinned’ below $68.7K: Glassnode

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 exitIn 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 stalemate. Spot sits just above the Median Realized Price at $63.0K, the level that splits every coin’s cost basis down the middle, and below the Short-Term Holder Cost Basis at $68.7K, the average entry of the market’s most recent buyers,” it wrote. “That cohort is...