Bitcoin Price Stabilizes at $65,000: Will It Rise to $70,000 or Drop to $60,000 Next?

Bitcoin continues to show resilience amidst a market characterized by "boredom and apathy," according to the latest research by analytics firm Glassnode. Despite the price of Bitcoin experiencing a prolonged period of sideways movement, the majority of Bitcoin holders are still in profit. Glassnode's recent edition of "The Week On-Chain" newsletter emphasizes that over 87% of the circulating Bitcoin supply is held at a profit, with the cost basis well below the current spot price.

The report highlights that the market value to realized value (MVRV) ratio, a key metric used to gauge the profit margin of held Bitcoin, shows that on average, Bitcoin is still valued at over 120% more than its purchase price in USD terms. This suggests that the macro uptrend for Bitcoin remains intact, despite recent price fluctuations.

In the face of a recent drop in Bitcoin's price, the data suggests that short-term holders are not preparing for a mass sell-off. The amount of Bitcoin sent to exchanges daily by these holders is significantly lower than the levels seen during the peak market activities in March. This indicates a steady market sentiment, with Bitcoin speculators showing no signs of capitulation despite the ongoing price stabilization.