Bitcoin Stalls Below $68,700 as Short-Term Holders Sell

Glassnode classifies Bitcoin held for less than 155 days as short-term holder supply, a cohort that typically reacts more quickly to price swings. Its average acquisition price is closely watched because rallies toward that level can prompt investors who are underwater to sell once they break even, turning the cost basis into resistance and testing whether fresh demand is strong enough to sustain a recovery.

As of Aug. 14, Glassnode said recent Bitcoin buyers were selling near break-even when prices approached the top of the market’s nearly three-month trading range. That behavior has kept the cryptocurrency pinned below the short-term holder cost basis of about $68,700, now a key resistance level. Unless buying demand absorbs the returning supply, repeated exit flows from recent investors could continue to curb upside momentum.