Bitcoin’s rebound has now created a dense short-term holder supply cluster between $62,000 and $65,000.
A sustained move above $66,000 would clear local resistance and strengthen the recovery’s technical structure.
Glassnode places the wider short-term holder break-even level near $69,000, above the immediate breakout zone.
Cooling long-term holder selling contrasts with weak ETF inflows and limited confirmation from spot demand.
Bitcoin is approaching a key on-chain test after recovering from roughly $57,000 and moving toward the $66,000 resistance area. The rebound shifted recent supply into a new concentration between $62,000 and $65,000, according to Glassnode researcher CryptoVizArt.
The asset traded near $64,733 at press time, placing it inside the acquisition zone formed during the recovery. This structure turned $66,000 into the immediate breakout level, while $69,000 remains the broader short-term holder break-even point.
New Buyer Cost Basis Builds Support Below $66K
Glassnode’s Short-Term Holder Cost Basis Distribution Heatmap shows where active coins were acquired. Brighter areas mark larger supply concentrations with similar estimated purchase prices.
According to CryptoVizArt, the latest heatmap indicates that coins sold during the decline changed hands during the rebound. As a result, recent buyers now hold supply between $62,000 and $65,000.
Glassnode uses the range to assess behavior as break-even holders often respond when markets revisit their entry levels. The cluster therefore marks the first support area below the current price.
However, the $66,000 threshold does not represent the broader short-term holder cost basis. Glassnode’s July 15 report placed the average entry price for buyers from the previous five months near $69,000.
Consequently, $66,000 reflects a local resistance zone linked to recent activity, while $69,000 represents the wider cohort’s average break-even level. The distinction separates a near-term breakout test from a broader recovery benchmark.
Glassnode also noted that Bitcoin spent about five months below both its active-investor and short-term holder cost bases. The firm described that period as unusually prolonged within its historical deep-value framework.
Cooling Holder Selling Still Lacks Strong Spot Demand
Despite that extended weakness, the on-chain picture has become less bearish as long-term holder capitulation begins to ease. Glassnode said selling from older holders reached a cycle peak before gradually declining.
Profit-taking among long-term investors has also largely dried up. Meanwhile, the Accumulation Trend Score showed buying across wallet sizes near the June lows.
These readings indicate that demand absorbed coins released during the sell-off. They also explain why the rebound created a visible supply band above $62,000.
However, U.S. spot Bitcoin ETF flows have not yet delivered consistent confirmation. Redemptions slowed from their June extreme, but sustained inflows have not returned.
Derivatives traders have reduced downside positions, according to Glassnode. Still, that adjustment has not been matched by strong spot-market buying.
Meanwhile, macro conditions remain restrictive. Bitcoin reacted positively to softer U.S. inflation data, yet 10-year real yields stayed near a 2026 high of 2.4%.
The dollar also remained above its 200-day average from May onward. Higher real yields reduce the relative appeal of non-yielding assets, including digital assets.
The market structure now centers on three levels. The $62,000-to-$65,000 band marks near-term support, $66,000 is the local breakout threshold, and $69,000 is the broader break-even level.
The framework treats moves above both resistance points as confirmation of stronger recovery conditions. However, a $66,000 rejection keeps the market below the accumulation cluster’s upper boundary.
