Analysis: 50% of BTC Circulating Supply Has Changed Hands Above $59,000, Bottom Structure is Forming

On July 19, analyst Darkfost stated that Bitcoin is currently forming a significant support zone between $59,000 and $70,000, which is one of the most densely defended price ranges in Bitcoin's history. Notably, 50% of Bitcoin's total circulating supply has changed hands above $59,000, and this percentage would be even higher if we exclude the millions of BTC that are widely considered permanently lost. This area is witnessing a tug-of-war between bulls and bears. Currently, the short-term holder group is notably active, with a divergence emerging between capitulation and accumulation behaviors. Many Bitcoin indicators are now in extreme sell or pessimistic territories, making it difficult to accurately determine the absolute bottom price, while a bottom structure is currently being formed.