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Crypto

Glassnode says speculative traders drive resistance for bitcoin around $60,000

Bitcoin has repeatedly failed to break higher around $68,700, with selling pressure from recent buyers taking profits or cutting losses cited as a key factor. On-chain analytics firm Glassnode said the average purchase price of short-term holders who bought within the past six months is acting as a major resistance level. Bitcoin has traded in a tight range since early June, while large holdings concentrated between $62,000 and $65,000 are reinforcing the band.

Crypto

Bitcoin battles around $63,500 level as downside risk grows on fading rebound momentum

Bitcoin slid to around $63,500 despite U.S. July consumer prices matching expectations. The market has increasingly priced in the possibility that the Federal Reserve will hold rates steady in September, but traders are focused on whether bitcoin can keep the $63,000 support level. CME FedWatch put the probability of a September hold at 60 percent. Investors are watching July producer prices due on Aug. 14 and option markets still show demand for downside protection.