Bitcoin’s $6000–$70,000 cost-basis cluster hints at a bottom, but a bearish daily flag keeps BTC exposed to a deeper selloff toward $50,000.
Bitcoin (BTC) showed signs of bottoming inside the $60,000–$70,000 range on Wednesday, according to on-chain data shared by a quant analyst.
The bottom signal comes from Bitcoin’s unrealized price distribution, or URPD, which shows where BTC last moved on-chain and helps identify major investor cost-basis zones.
As of Tuesday, Bitcoin's URPD reading showed a heavy concentration of supply between $60,000 and $70,000. About 20% of Bitcoin’s supply now sits in that range, "Frank Fetter" said, citing Checkonchain data.
“This is how meaningful floors are put in,” the analyst added.
Bitcoin supply in profit/loss. Source: Checkonchain
Dense cost-basis zones can become important support areas because many investors share similar entry levels. In Bitcoin’s case, the $60,000–$70,000 band now marks a major ownership cluster near current prices.
That 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.
In market terms, this points to a redistribution phase, in which panic sellers exit and more conviction-driven buyers build positions.
Darkfost, a CryptoQuant-associated on-chain analyst, echoed that view, saying the setup reflects “one of the biggest BTC transfers from weak hands to strong ones.”
Bitcoin’s supply in profit percentage has dropped into what analyst DurdenBTC called a “capitulation zone.”
The metric shows how much of the BTC supply is still held at a profit. A sharp drop means more holders are underwater or near breakeven, a condition often seen during late-stage bear markets.
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