Written by William Subergstaff writerReviewed by Yohan Yunstaff editor

Written by William Subergstaff writer

Reviewed by Yohan Yunstaff editor

Bitcoin speculators keep BTC price ‘pinned’ below $68.7K: Glassnode

MarketsPublishedAug 13, 2026

Why Bitcoin’s Price Remains Stuck Below $68.7K

For those interested in earning passive income through Green Crypto like Bitcoin, the current price stagnation may seem puzzling. However, short-term holders trying to break even on their underwater investments are a significant hurdle to a breakout. These holders, who have acquired Bitcoin within the past six months, are currently around 7.2% underwater on their investment. The average entry price for these recent buyers is $68,700, making it a key resistance level to clear for the Bitcoin price to rise.

This phenomenon is not unique to the current market situation. In fact, it’s a common occurrence during Bitcoin bear markets, where the price often gets stuck in a narrow range. The $58,000 to $68,000 range has been in place since June, with a 50-month trend line near $65,800 keeping the price even more constricted. As a result, earning significant profits from Bitcoin trading has become increasingly challenging.

Key points:

1. Bitcoin short-term holders are keen to sell into range highs as they seek to break even on their investment.
2. BTC price action remains stuck in its near three-month range as a result, Glassnode suggests.
3. Nearly 9% of the BTC supply has a cost basis between $62,000 and $65,000.

Bitcoin short-term holders seeking breakeven exit

Understanding the Cost-Basis Ladder

The cost-basis ladder, which frames the stalemate, shows that the spot price sits just above the Median Realized Price at $63,000. This level splits every coin’s cost basis down the middle and is below the Short-Term Holder Cost Basis at $68,700. This means that the average entry price of the market’s most recent buyers is a crucial level to clear for the price to move upwards. For those looking to generate Passive Income through Cloud Rewards or other means, understanding this dynamic is essential.

In this context, EcoPool offers a unique solution for those interested in earning through Coin investments. By providing a platform for Passive Income generation, EcoPool helps users navigate the complexities of the Bitcoin market. Whether you’re looking to buy, sell, or trade $ECP, EcoPool is a valuable resource to consider.

Conclusion and Next Steps

In conclusion, the current Bitcoin price stagnation is largely due to short-term holders trying to break even on their investments. Understanding the cost-basis ladder and its implications is crucial for anyone looking to generate Passive Income through Green Crypto. If you’re interested in learning more about EcoPool and how it can help you achieve your earning goals, download the EcoPool app to get started. With EcoPool, you can take the first step towards generating Passive Income and achieving your financial goals.

“That cohort is underwater, which historically makes it quick to sell into recoveries, while the median level has absorbed every test from above for more than a month.”

Bitcoin realized price data. Source: Glassnode

BTC/USD has been wedged in a narrow range between $58,000 and $68,000 since the start of June. As Cointelegraph reported, a separate battle between buyers and sellers continues within that range, with a 50-month trend line near $65,800 now keeping price even more constricted. Analysis sees this as a classic phenomenon during Bitcoin bear markets, with a downside resolution increasingly likely.

This week, trader and analyst Rekt Capital additionally warned that $63,000 was weakening as local support, with price gaining progressively less ground with each rebound from that level.

BTC supply dynamics add weight to current spot range

Bitfinex Alpha, the research arm of crypto exchange Bitfinex, noted that a significant portion of the BTC supply has moved onchain during the range-bound period.

Related: Bitcoin miners earn under 0.7% of revenue from fees in new 10-year low

“The reason the boundaries are so stubborn is due to ownership. The $62,000-$65,000 band holds 1,794,308 BTC at this cost basis, 8.93% of circulating supply per the UTXO Realised Price Distribution (URPD), with the largest holdings at ~$63,800,” it reported on Wednesday.

URPD records the price at which coins last moved onchain, with the 1.79 million BTC tranche equal to approximately 8.9% of the total circulating supply.

“With price trading inside this band, the largest concentration of holders across any narrow $3,000 range keeps moving between profit and loss and a large volume of coins changes hands as a result,” Bitfinex added.

Immediately above the current STH cost basis lies another psychologically significant level — Bitcoin’s old all-time high of $69,400 from November 2021. 

Bitcoin URPD chart. Source: Bitfinex Alpha

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

• Bitcoin Price
• Market Analysis
• Markets
• Bitcoin

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