Why Bitcoin is struggling to break past $68,700

Bitcoin is having a tough time moving past the $68,700 mark this week. New data from Glassnode suggests that the current price ceiling is being held in place by traders who bought in at higher levels and are now desperate to break even.

These short term holders are choosing to sell their holdings as soon as the price gets close to their entry point. This creates significant selling pressure that prevents the market from pushing toward new highs. Until these investors clear out, the price is likely to stay stuck in this current range.

Traders should keep a close eye on whether buy side volume can absorb this wave of selling. If the market can clear this group of sellers, the path toward higher resistance levels may open up. For now, the market remains cautious as it waits for a clearer direction.