Bitcoin Bumps Above $65K: Is the Selling Spree Over?

Bitcoin's been on a wild ride. It surged past $65,000, only to dip back below as investors scrambled to cash out. Inflation data played a big role here. Lower-than-expected inflation numbers eased fears of rate hikes, sparking the rally. But guess what? Two big groups dumped their BTC bags right into it.

Long-term holders are saying enough with the losses. They're selling. Meanwhile, short-term holders, who jumped in near the lows, are locking in their gains. It's a classic case of sell the news. Honestly, the chain doesn't lie. These groups are unloading into the same price recovery, and it's heavy.

Now, here's the twist. While the selling feels intense, zoom out a bit. The overall supply pressure is thinning. Glassnode points out that long-term holder profit-taking is drying up. What was once a flow of profits now sees holders selling at a loss. The selling pace already peaked two weeks ago and is finally cooling down.

Buyers are sniffing around. Big and small wallets are accumulating around the June lows. ETFs took in $181 million on July 14 and another $108 million on July 15. But will they hold? All eyes are on $69,000 next. A break there could mean liftoff, but rejection keeps us in this range.

Real talk: Watch that $69,000 mark. If Bitcoin can't bust through, brace for more range-bound action.