Bitcoin (BTC) is trying to recover from June losses, but onchain data suggests BTC may face resistance at $65,000. 📉

Data from Cointelegraph Markets Pro and TradingView shows BTC trading at $62,288, down 0.5% in the last 24 hours and down 8.6% in the last 30 days. This follows a prolonged decline in June, which erased all gains made in May.

However, technical and on-chain data suggests that any recovery attempts this month could be capped by selling pressure at $65,000.

It's worth noting that the June plunge sent Bitcoin's spot price well below the widely tracked short-term holder (STH) value base, raising fears of deeper corrections.

According to LookIntoBitcoin, the basis price for short-term holders was $64,513 as of June 28, compared to the spot price which hovered around $60,317.

This means short-term holders are now facing losses and may look to exit the market with or without a loss, possibly increasing selling pressure around the $65,000 mark.