Bitcoin's $69K Test: On-Chain Selling Fades as Macro Tailwinds Meet Key Resistance
Bitcoin's bounce above $65K hit immediate selling pressure from both long-term and short-term holders. Despite macro tailwinds from cooling inflation, BTC slipped. On-chain data reveals a critical shift: long-term holder selling is now fading, setting up a decisive test at the $69K resistance.
Bitcoin pushed past $65,000 only to slip back, facing immediate resistance. This price action follows softer CPI and PPI data, which eased Federal Reserve rate hike fears, dropping July hike probabilities to 10.2%. Despite this macro tailwind, spot demand remains hesitant.
Glassnode data shows a dual selling dynamic: long-term holders are cutting losses into strength, while short-term holders are banking recent gains. Both groups are actively offloading into the recovery, anchoring the rally.
However, a deeper look reveals a significant shift. The overall wave of long-term holder selling is now fading. Their realized loss metric, a key indicator for cycle turns, peaked two weeks ago and has since declined, signaling an easing of supply pressure. Accumulation is also evident at June lows across various wallet sizes.
Spot Bitcoin ETF inflows show positive momentum, with $181 million and $108 million on July 14-15 respectively, but sustained demand is crucial. The next major hurdle for $Bitcoin is the Short-Term Holder Cost Basis near $69,000, a level expected to trigger a strong reaction.