According to EmberCN monitoring, a whale address continued to increase its BTC long position about 50 minutes ago. The BTC long position has now reached 1,662.5 BTC, valued at approximately $108 million.

Data shows that the average entry price for this position is around $63,958, with an unrealized profit of about $1.38 million. Due to the use of high leverage for this position, its liquidation price is relatively close to the current price, at approximately $63,142.

Odaily reports that CryptoQuant analyst Darkfost stated on platform X that data indicates Bitcoin is currently establishing a significant support level within the $59,000 to $70,000 range, which has become one of the most fiercely defended price zones in Bitcoin's history.

Approximately 50% of the total Bitcoin supply has now been turned over above the $59,000 mark. If the millions of Bitcoins believed to be permanently lost are excluded, this percentage would be even higher. This round of turnover is primarily driven by short-term holders (STH), revealing a divergence in market participant behavior, with some investors choosing to panic sell while others continue to accumulate.

However, although multiple indicators have entered extremely bearish or oversold zones, the formation of the $59,000 to $70,000 range has some rationale. This does not necessarily mean the market has confirmed a bottom. More accurately, Bitcoin's bottom structure is still in the process of being built. Additionally, the large trading volume peak near $84,500 is mainly attributed to internal Bitcoin transfers on Coinbase and should not be included in market behavior analysis.

According to analysis shared by blockchain analytics platform CryptoQuant on July 18, Bitcoin short-term holders’ cost basis has fallen below the adjusted long-term holders’ cost basis, triggering a “bear market end” signal. This signal uses a 3-day confirmation window to compare the average purchase prices of short-term and long-term holders. 

The analysis indicates that short-term holders refer to investors holding Bitcoin for less than 6 months, while long-term holders refer to those holding for more than 6 months. The short-term holders' cost basis has dropped from $112,500 to $69,000, reflecting that Bitcoin purchased over the past 6 months is changing hands at lower prices. The analysis states that the adjusted long-term holders’ cost basis excludes Bitcoin held for more than 7 years to reduce the impact of dormant supply. The current crossover is described as a shift in holding structure, pointing to the late-stage of a bear market, but it does not equate to confirming a market bottom or the start of a new bull market. 

The analysis also suggests that if the short-term holders’ cost basis rises back above the adjusted long-term holders’ cost basis, it would align with bull market confirmation signals observed in previous cycles. Until then, this signal merely indicates that the Bitcoin bear market may be nearing its end.