Foreign media, citing analysts, reported that after recovering its losses from the beginning of the month and regaining the $65,500 mark, market attention has shifted to whether on-chain holdings distribution will open up room for further upward movement. The article argues that the large-scale turnover around $62,000 is becoming the most important support level in the current price range.
A large support level formed around $62,000.
The report mentions that URPD (UTXO realized price distribution) data shows that funds continuously absorbed sell orders in the $61,840 to $63,111 range, eventually forming a dense trading band of over 1.3 million BTC. According to this statement, the selling liquidity in this area has been significantly absorbed.
This means that the approximately 13% drop at the beginning of the month has not only been corrected, but low-level positions have also accumulated. If prices fall back to this level again, the market may first face defense from existing positions rather than a new wave of concentrated selling.
Analysts say supply at the top is relatively limited.
Analyst Ali Martinez believes that looking upwards from the current spot price range, there isn't a particularly concentrated historical holding area on the blockchain until around $84,569, thus limiting potential selling pressure. In other words, if buying continues, the supply resistance seen during the price increase may be weaker than in previous phases.
The article also mentions that a more significant selling pressure zone is likely to appear near $84,569, corresponding to a potential supply of approximately 582,000 BTC. This makes $84,569 a key level to watch within the current analytical framework.
Volatility temporarily subsided ahead of the Fed meeting.
The report also attributed the short-term calm to a wait-and-see attitude in external markets. Prior to the Federal Reserve meeting on July 28-29, overall volatility in risk assets subsided, and localized geopolitical tensions also dampened short-term trading sentiment.
However, the article argues that these external factors primarily influence short-term price movements and do not alter the current on-chain holding structure. If the support level around $62,000 remains effective, Bitcoin's future price movement will still depend on whether new demand can continue to increase.
Additional information:This article is primarily based on on-chain distribution and technical supply and demand assessments. The core conclusions are derived from analyst opinions cited by foreign media, rather than data updates disclosed by exchanges or regulatory agencies.
