Bitcoin is setting up 'meaningful floors' in $60K–$70K range: Analyst
Bitcoin shows signs of forming a floor in the $60,000–$70,000 zone based on on-chain data. About 20% of BTC supply last moved in that range, creating a dense cost-basis cluster that can act as support because many holders share similar entry levels. This suggests a redistribution phase in which weaker sellers exited and new buyers absorbed coins near lower prices. A separate “supply in profit” metric has fallen into a capitulation zone seen near major cycle bottoms in prior years. Still, the short-term chart remains bearish. BTC is rebounding inside a bear flag after dropping below $60,000, and a failed breakout could send price toward $53,500, with broader risk near $50,000. A daily close above $66,420 would weaken the bearish setup and open a move toward $70,250.
