Bitcoin's market recovery continues to gain traction despite ongoing macroeconomic pressures. The cryptocurrency outperformed major equity indices for a second week, bucking trends driven by higher oil prices and tensions involving Iran.
A key resistance level identified by Glassnode is the $69,000 Short-Term Holder Cost Basis, which represents the average break-even point for buyers entering during the previous five months. If Bitcoin successfully reclaims this level, it could strengthen the market recovery due to relatively thin supply in the area.
Below the current price, a major demand zone near $63,000 continues to provide strong support. This shelf covers roughly one-tenth of circulating supply and has recently exceeded resistance above the market. Short-term holder supply in profit remains below the 54% threshold associated with stronger selling pressure, supporting the recovery.
The US spot Bitcoin ETF flows turned positive after sustained redemptions during June, adding direct institutional support to the rebound. Exchange inflows declined sharply, reducing immediate sell-side pressure across trading platforms.