Bitcoin's Potential Rebound May Face Resistance at $65K, OnChain Analysis Shows

The leading cryptocurrency by market value traded nearly 1% higher at $63,200 as of writing, looking to regain some poise after ending June with a 7% loss. June's drop, which reversed May's upswing, mainly occurred due to

In other words, short-term holders now face losses or hold positions in the red and could attempt to exit the market at a loss or breakeven, potentially adding to selling pressure near $65,000. "Last summer when BTC lost the STH RP support level, price traded sideways for another two months before finally breaking out again," analysts added.Meanwhile, long-term holder wallets are strongly incentivized to maintain or boost their coin stash as their average cost is less than $20,000, per LookIntoBitcoin. Yes, you read it right; their average cost basis is nearly 70% less than the BTC's going market price.

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