Analysis: Bitcoin’s historical-level support band has emerged, and above $59k, half of the chips have already been rotated.

Odaily Planet Daily reports: CryptoQuant analyst Darkfost said on X that the data shows Bitcoin is currently building a key support zone in the $59k to $70k range; this area has become one of the most fiercely defended price ranges in Bitcoin’s history.

At present, around 50% of the total Bitcoin supply has already changed hands above $59k; if we exclude several million BTC that are considered permanently lost, this ratio would be further increased. The main driver of this round of hand-changing is short-term holders (STH). Market participants’ behavior is beginning to diverge: one group of investors chooses to panic-sell, while another group continues to accumulate.

However, although multiple indicators have already entered extremely bearish or oversold zones, the formation of the $59k to $70k range has some reasonableness, but that does not mean the market has already confirmed a bottom. More precisely, Bitcoin’s bottom structure is still in the process of being built. In addition, the large-transaction peak near $84.5k mainly comes from internal Bitcoin transfers within Coinbase and should not be included in market behavior analysis.