Svmuu News: CryptoQuant analyst Darkfost stated on X that data shows Bitcoin is currently building a key support level in the $59,000 to $70,000 range, which has become one of the most fiercely defended price zones in Bitcoin’s history.
Currently, approximately 50% of the total Bitcoin supply has changed hands above $59,000;If we exclude the millions of Bitcoin tokens considered permanently lost, this proportion would increase further. This round of trading is primarily driven by short-term holders (STHs), and market participants’ behavior is diverging: some investors are panic-selling, while others continue to accumulate.
However, although multiple indicators have entered extremely bearish or oversold territory, and the formation of the $59,000 to $70,000 range is somewhat reasonable, this does not mean the market has confirmed a bottom. More accurately, the bottoming structure for Bitcoin is still in the process of forming.Furthermore, the large trading spike near $84,500 was primarily driven by transfers within Coinbase Bitcoin and should not be included in the analysis of market behavior.