Bitcoin (CRYPTO: BTC) spot trading volume have hit its lowest level since 2019 as sellers tire and buyers stay absent, leaving the market wound tight between $63,000 and $68,700.
Glassnode analyst Frederik Theissen wrote in the firm’s weekly on-chain report that July CPI came in at 2.5% core, equities sit at record highs, and Bitcoin barely bounced.
Flat inflation with policy on hold is about as benign a backdrop as markets get, and the fact that Bitcoin could not build on it points to one thing: demand is absent.
Why Is BTC Price Stuck Between $63,000 and $68,700?
Glassnode’s report put Bitcoin pinned between two cost-basis levels. The Median Realized Price at $63,000 has absorbed every test from above for more than a month.
