Bitcoin has repeatedly failed to break above around $68,700, with selling pressure from recent buyers seeking to exit at breakeven cited as a key factor.

Cointelegraph, a blockchain media outlet, reported on Wednesday that on-chain analytics firm Glassnode analysed the average purchase price of short-term holders who bought bitcoin within the past six months as acting as a key resistance level.

Glassnode said short-term holders are currently down about 7.2 percent overall. Their realised price, or average cost basis, was calculated at $68,700. The spot price is above the mid realised price of $63,000 but remains below the recent buyers' average entry price of $68,700.

Bitcoin has been stuck in a narrow range between $58,000 and $68,000 since early June. A 50-month trend line around $65,800 is also tightening price moves. Rekt Capital warned that the $63,000 support level is weakening this week and that each rebound from that level has been posting smaller gains.

Large holdings within the range are also reinforcing the top and bottom. Bitfinex Alpha analysed that 1,794,308 BTC are concentrated in the $62,000 to $65,000 band, representing about 8.93 percent of circulating supply. The largest concentration is formed around $63,800.

The UTXO realised price distribution records the price when each coin last moved on-chain. Bitfinex Alpha explained that when the price moves within this band, large holdings rotate between profit and loss, leading to many coins changing hands.

Just above the average cost basis of short-term holders, there is another psychological resistance level. It is bitcoin's previous record high of $69,400 set in November 2021.