On-chain data shows that Bitcoin has potential resistance at $65,000, with the June decline reversing the upward momentum in May, mainly due to miner selling and concerns that ETF inflows represent non-directional arbitrage bets rather than direct bullish bets.

Notably, the decline has taken the price well below the widely tracked total cost basis of short-term Bitcoin holders (i.e., wallets storing 155 days or less). As of this writing, the total cost basis of short-term holders is $65,000, according to data source LookIntoBitcoin. The on-chain analysis company considers the actual price as the total cost basis, which reflects the average price of the token last used on the chain.

In other words, short-term holders are now facing losses or holding deficit positions and may try to exit the market at a loss or breakeven, which may increase selling pressure near $65,000.

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