Bitcoin price stays below $68,700 as short-term holders sell, Glassnode reports.

Glassnode, the blockchain analytics firm, released a report this week showing that Bitcoin’s price is stuck below $68.7 k because short‑term holders are trying to break even on underwater investments. The analysis, posted on CoinTelegraph, points to a surge of sellers in the 30‑day window who are liquidating positions to avoid further losses. The report was published on Thursday after a week of consolidation following a brief rally that pushed the digital asset close to its 200‑day moving average.

The situation matters because Bitcoin has been trading near a range high for several weeks, and the pressure from short‑term holders is preventing it from breaking out. Many investors bought in during the last 2024 rally and now find themselves below their purchase price. The sell‑off is amplified by the fact that a large share of these positions are held for less than a year, meaning the holders are more sensitive to price swings. This dynamic creates a self‑reinforcing cycle: as the price lingers near $68.7 k, more holders sell to avoid deeper losses, which keeps the price from climbing.

On‑chain data from Glassnode shows that roughly 60 % of Bitcoin is held for less than a year, and about 25 % of those holdings are underwater. The break‑even point for many of these short‑term holders is around $70 k. Analysts say that if the price dips even slightly, it could trigger a cascade of liquidations, pushing the market lower. Some traders view this as a buying opportunity, expecting a pullback to support levels around $65 k before a rebound. Meanwhile, institutional investors are watching closely, as the sell pressure could affect their risk assessments and future allocation decisions.

What comes next will depend on how the market reacts to upcoming macro events. If the price holds above the $68.7 k level, it could signal