CryptoQuant analyst Darkfost said on X that Bitcoin is forming a key support range between $59,000 and $70,000, describing it as one of the most heavily defended price zones in the asset’s history. According to the data cited, about 50% of Bitcoin’s total supply has changed hands above $59,000. That share would be even higher if millions of BTC believed to be permanently lost were excluded from the calculation. Darkfost said short-term holders, or STHs, have been the main force behind this redistribution, while market behavior has started to split between investors selling in fear and others continuing to accumulate. He added that although several indicators have moved into extremely pessimistic or oversold territory, the emergence of the $59,000-$70,000 range does not mean the market has already confirmed a bottom. In his view, Bitcoin’s bottoming structure is still being built. He also said the large transaction peak near $84,500 was mainly caused by internal Bitcoin transfers at Coinbase and should not be treated as part of broader market behavior analysis.
CryptoQuant analyst Darkfost said on X that Bitcoin is currently building an important support area between $59,000 and $70,000. He described the range as one of the most fiercely defended price zones in Bitcoin’s history.
According to Darkfost, about 50% of Bitcoin’s total supply has already changed hands above $59,000. He added that the proportion would be higher if millions of BTC believed to be permanently lost were excluded.
He said short-term holders, or STHs, have been the main drivers of this redistribution. Market participants, he wrote, are showing a split in behavior, with some investors selling in fear while others continue to accumulate.
Darkfost also said that while several indicators have entered extremely pessimistic or oversold territory, the formation of the $59,000 to $70,000 zone has some logic behind it. Still, he cautioned that this does not mean the market has confirmed a bottom. More precisely, he said, Bitcoin’s bottom structure remains under construction.
He also noted that the large transaction peak near $84,500 mainly came from internal Bitcoin transfers within Coinbase and should not be included in market behavior analysis.
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