Bitcoin Squeezed Between $63,000 Support and $68,700 Ceiling

The Bitcoin price traded between $63,500 and $64,000 this week, according to data from CoinGecko, remaining below the $65,000 level it has struggled to hold above in recent days. Bitcoin spot exchange volume has fallen to its lowest point since Glassnode began tracking the series in early 2019, according to data shared by Wu Blockchain, while Bitcoin volatility has compressed to levels last seen in October 2023, per a post from Crypto Rover. This is not simply a quiet summer tape. It is a market where the two forces that typically resolve a range, fresh demand and forced selling, have both gone missing, leaving price pinned between two cost-basis levels that keep converging. Bitcoin Price Breakout Setup: The Median Realized Price vs. the Short-Term Holder Floor BTC is currently wedged between the $63,000 median realized price, which functions as a floor because it marks the midpoint of every holder’s cost basis, and the $68,700 short-term holder cost basis. This acts as a ceiling representing the average entry point of recent buyers. Glassnode’s Week 32 research describes this pocket as one price has occupied for nearly three months, with both boundaries narrowing as volatility com...