Bitcoin is setting up 'meaningful floors' in $60K–$70K range: Analyst
Cointelegraph 2026-06-17 11:02:08
Context: Bitcoin has shown signs of bottoming out in the $60,000-$70,000 range, according to on-chain data shared by a quant analyst. This range has become a major ownership cluster near current prices, with about 20% of Bitcoin's supply now sitting in that range. The development suggests a large amount of BTC changed hands during the correction, with higher-cost holders likely selling into weakness, while new buyers absorbed the BTC supply near the lower range.
Key Facts
- Bitcoin's unrealized price distribution (URPD) reading showed a heavy concentration of supply between $60,000 and $70,000, with about 20% of Bitcoin's supply now sitting in that range, according to analyst Frank Fetter.
- Dense cost-basis zones, such as the $60,000-$70,000 band, can become important support areas because many investors share similar entry levels.
- The setup reflects "one of the biggest BTC transfers from weak hands to strong ones," according to Darkfost, a CryptoQuant-associated on-chain analyst.
- Bitcoin's supply in profit percentage has dropped into what analyst DurdenBTC called a "capitulation zone," a condition often seen during late-stage bear markets, and has reached this zone only four times in recent cycles.
- A rejection from the bear flag's upper trend line on the daily chart could trigger another breakdown below $60,000, with Bitcoin's next downside target sitting near $53,500, close to the broader $50,000 support area.