OnChain Analysis: Bitcoin faces selling pressure at $65,000

OnChain analysis states that on-chain data shows Bitcoin's potential resistance level at $65,000. The decline in June reversed the upward momentum of May, mainly due to miners selling and concerns about ETF inflows representing non-directional arbitrage bets rather than direct bullish bets. Notably, this drop has brought the price far below the total cost basis of short-term Bitcoin holders (i.e., wallets storing for 155 days or less). As of writing this article, according to data from LookIntoBitcoin, the total cost basis for short-term holders is $65,000. On-chain analytics firms view actual prices as a total cost base reflecting the average price last used on-chain. In other words, short-term holders now face losses or hold deficit positions and may try to exit the market under loss-making or break-even conditions which could increase selling pressure near $65,000.