Bitcoin Struggles Near $65k As Sellers Push Back

Bitcoin recently pushed above $65,000 before pulling back as investors reacted to new economic data. While cooling inflation figures initially sparked optimism that the Federal Reserve might pause interest rate hikes, the price failed to maintain momentum. The rally met resistance from two distinct groups of sellers. Long term holders are currently liquidating positions at a loss, while short term buyers are choosing to lock in their recent profits.

Despite the immediate selling pressure, market data shows the broader trend is shifting. The intense wave of supply that hindered previous rallies is starting to shrink. Analytics suggest that long term holders are no longer selling for profit, and the rate of realized losses is trending downward. This shift is a key requirement for a sustainable recovery.

Buyers are already showing interest, with accumulation activity rising across both small and large wallets during the recent lows. However, the market still lacks strong confirmation from spot buyers to push prices higher. Daily inflows into US spot Bitcoin ETFs remain a positive sign, but they need to stay consistent to support a breakout.

Moving forward, traders are watching the $69,000 level closely. This price point represents the break even cost for many recent buyers, making it a critical hurdle for Bitcoin. A clean move above this mark could provide the room needed for the recovery to gain real speed, while a failure there may keep the coin stuck in its current range.