Analysis: Approximately 50% of Bitcoin supply has changed hands above $59,000, market bottom range may be forming

TechFlow News, July 19, CryptoQuant analyst Darkfost stated that data shows Bitcoin is currently building important support levels in the $59,000 to $70,000 range, which has also become one of the most fiercely defended price ranges in Bitcoin's history. Currently, about 50% of Bitcoin's total supply has changed hands above $59,000; if the millions of Bitcoins believed to be permanently lost are excluded, this ratio will increase further. This round of turnover is mainly driven by short-term holders; market participants' behavior is diverging, with some investors choosing to panic sell while others continue to accumulate.

Although multiple indicators have entered extremely pessimistic or oversold regions, and the formation of the $59,000 to $70,000 range has certain rationale, this does not mean the market has confirmed a bottom; more accurately, the Bitcoin bottom structure is currently still in the process of being built.