Bitcoin price: 50% of supply changed hands above $59.000

On-chain data reveals a striking picture for the Bitcoin price. An analysis of the so-called URPD chart, which tracks the price levels at which Bitcoin changes hands, shows that 50% of the total Bitcoin supply has now been traded above $59.000. Analyst Darkfost states that this is one of the most defended levels in Bitcoin’s entire history.

Bitcoin is available at OKX and Bybit.

The zone between $59.000 and $70.000 is the battlefield

According to Darkfost, the battle is currently concentrated in the price zone between $59.000 and $70.000. That range contains enormous amounts of Bitcoin that recently changed hands, particularly among short-term holders (STH). That group shows conflicting behaviour: some dump their coins on the market out of fear, while others use the dip to buy more.

The analyst adds that the 50% figure is likely even higher if the estimated millions of lost Bitcoin are excluded. At the time of writing, the Bitcoin price stands at $64.500, up 0.8% in the past 24 hours. Earlier, we reported that analysts anticipated a prolonged stay around this price level.

Bottom under construction, but not yet confirmed

A notable outlier on the chart is a large blue bar at $84.500. Darkfost indicates that this bar should be disregarded: it concerns an internal transfer of Bitcoin by Coinbase and therefore says nothing about genuine supply or demand at that level.

Darkfost is cautious about drawing hard conclusions. He states that several indicators are now in extreme oversold zones, which historically can be a signal that a bottom is approaching. At the same time, he warns that the current zone is not necessarily the final bottom. What the data does show is that a bottom is currently being actively built. Whether it holds depends in part on how short-term holders continue to behave in this critical price area. Earlier research already revealed similar signals pointing to a possible end to the downturn.