Bitcoin Setting up 'Meaningful Floors' in $60K–$70K Range: Analyst

Crypto Insight Summary: 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. **Key takeaways:** * Nearly 20% of BTC supply now sits between $60,000 and $70,000, strengthening the case for a Bitcoin price floor. * Bitcoin’s bear flag still risks a breakdown toward $53,500 unless BTC reclaims a critical technical resistance level. 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](https://x.com/FrankAFetter/status/2067056691682619486)" said, citing Checkonchain data. “This is how meaningful floors are put in,” the analyst added. 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](https://cointelegraph.com/markets/bitcoin-price-eyes-96k-as-institutions-absorb-500-of-daily-btc-supply) near the lower range. Crypto Insight Analysis: Direction: Neutral Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: BTC shows signs of bottoming but bearish flag risks breakdown, creating balanced pressure.