BlockBeats News, July 19th - Analyst Darkfost stated that Bitcoin is currently forming a key support level in the range of $59,000 to $70,000, which is one of the most densely defended price ranges in Bitcoin's history. Of particular note, 50% of Bitcoin's total circulating supply has changed hands above $59,000, a percentage that would be even higher if we exclude the millions of BTC widely believed to be permanently lost. This area is seeing a tug of war between bulls and bears.

The currently significantly active group is the short-term holders, whose behavior is showing a divergence between surrender and accumulation. Currently, many Bitcoin indicators are in extremely oversold or bearish territory, making it difficult to accurately determine the absolute bottom price, while the bottom structure is currently being formed.