In early February, Bitcoin's price dropped to around $63,000, with net realized gains and losses plummeting to nearly $330 million, marking a period of intense selling in the market. Although selling pressure has eased and prices have stabilized between $68,000 and $70,000, realized losses still dominate, limiting the upward momentum. On-chain data shows that within the $60,000 to $70,000 price range, the dense accumulation of over 400,000 Bitcoins has formed a potential structural support level, while a positive Coinbase premium gap indicates that demand in the U.S. market is recovering.