Bitcoin remains locked in a pivotal battle near the $64,000 to $65,000 resistance zone, with Glassnode data indicating that long-term holders who bought one to two years ago have significantly slowed their selling as the price approaches this level. The reduction in older supply could give buyers an opportunity to build momentum, but sellers have repeatedly defended the area after several failed breakout attempts.
Glassnode also highlights that past buyers reach break-even above $88,000, while Bitcoin exchange-traded funds have turned net sellers. The ETF cost basis near $81,500 has held twice, signaling that institutional participants are still applying pressure into strength and complicating any immediate upside move.
Traders remain cautious as Bitcoin tests this critical battleground. A decisive push above $65,000 may revive bullish sentiment, while continued rejection could lead to further consolidation or renewed downward pressure.
