$ETH Bitcoin is currently forming a key support band in the $59,000 to $70,000 range—one of the most densely defended price bands in Bitcoin’s history. Even more worth watching is that 50% of Bitcoin’s total circulating supply has already changed hands above $59,000; if we exclude the millions of BTC widely believed to be permanently lost, this figure would be even higher. This zone is seeing a tug-of-war between bulls and bears.

The group showing particularly notable activity right now is short-term holders, whose behavior is diverging between capitulation and accumulation. Many Bitcoin indicators are currently in extreme selloff or bearish zones; the absolute bottom price cannot be precisely determined, while the bottom structure is being formed now.