分析：Bitcoin Historic Support Zone Emerges, Over Half of Supply Exchanged Above $59,000
Odaily reported that CryptoQuant analyst Darkfost stated on platform X that data shows Bitcoin is currently forming a significant support level in the $59,000 to $70,000 range, making it one of the most fiercely defended price zones in Bitcoin's history.
Currently, approximately 50% of Bitcoin's total supply has been exchanged above $59,000; if millions of Bitcoins considered permanently lost are excluded, this proportion would further increase. This round of exchange is primarily driven by short-term holders (STHs). Market participant behavior is diverging, with some investors choosing to sell off in panic while others continue to accumulate.
However, although multiple indicators have entered extremely pessimistic or oversold zones, the formation of the $59,000 to $70,000 range is reasonably justified. But this does not mean the market has confirmed a bottom. More accurately, Bitcoin's bottom structure is still in the process of being constructed. Additionally, the large trading volume peak near $84,500 mainly originated from internal Bitcoin transfers on Coinbase and should not be included in market behavior analysis.
