The $69,000 level marks the average cost basis for short-term holders, according to Glassnode, meaning Bitcoin currently trades below the price at which many recent buyers entered. At roughly $65,978, the token sits in a zone that could pressure short-term holders and expose the durability of a rebound largely driven by large investors, or whales. The Federal Reserve's July 28-29 meeting is seen as a pivotal factor in whether this gap closes. Recent economic data has fueled expectations around monetary policy: June payrolls rose by just 57,000, unemployment held at 4.2%, and April and May figures were revised down by a combined 74,000. Softening labor conditions could influence the Fed's stance and, in turn, risk assets like Bitcoin. Analysts frame the current setup as a fragile gamble tied closely to central bank decisions.
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