While the Bitcoin market finds itself in an intriguing position, selling pressure on the price keeps growing.

Despite general apathy and boredom in the Bitcoin and cryptocurrency markets, the BTC price remains 18% below its March all-time high.

Glassnode, an on-chain analysis firm, stated in its weekly Bitcoin analysis that investor sentiment may improve if BTC surpasses $64,000.

Glassnode's analysis of new Bitcoin investors indicates that these investors have incurred significant losses in their positions.

At this juncture, Glassnode analysts identified key price levels that might alter investor behavior, highlighting $60,000 and $64,000 as critical for BTC.

"The price action between $60,000 and $64,000 indicates a sideways trend where market instability persists.

A drop below $60,000 would lead to losses for many short-term traders (STH) and push the price further below the 200 DMA (daily moving average) at $58,000.

Conversely, a rise above $64,000 would allow a significant portion of short-term investors to return to profit, likely boosting investor sentiment and confidence."

At the time of writing, Bitcoin continues to trade at $60,045. #bitcoin☀️ #Bitcoin❗ #BTC☀ #BTC500K #Cryptocurrencies