OnChain analysis said that on-chain data showed potential resistance to Bitcoin at $65,000, with June's decline reversing May's rally, mainly due to miner selling and concerns that ETF inflows represent non-directional arbitrage bets rather than outright bullish bets. Notably, the drop has brought the price well below the widely tracked total cost basis for short-term bitcoin holders (i.e. the cost of wallet storage for 155 days or less). As of this writing, the total cost basis for short-term holders is $65,000, according to data source LookIntoBitcoin. On-chain analytics firm treats the actual price as the total cost basis, reflecting the average price of the token last time it was used on-chain. In other words, short-term holders are now facing losses or holding deficit positions and may attempt to exit the market at a loss or break-even, which could add to selling pressure around $65,000.