According to Odaily Planet Daily, monitored by EmberCN, a whale address continued to increase its BTC long position about 50 minutes ago. Currently, its BTC long position has reached 1,662.5 BTC, valued at approximately $108 million.

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

Odaily星球日報訊 CryptoQuant 分析師 Darkfost 在 X 平台表示，數據顯示，比特幣目前正在 5.9 萬至 7 萬美元區間構築重要支撐位，該區域已成為比特幣歷史上防守最為激烈的價格區間之一。

目前約 50% 的比特幣總供應量已在 5.9 萬美元上方完成換手；若剔除被認為已永久遺失的數百萬枚比特幣，這一比例還將進一步提高，推動這一輪換手的主要是短期持有者（STH），市場參與者的行為正在出現分化，一部分投資者選擇恐慌拋售，而另一部分則持續增持。

不過，儘管多項指標已進入極度悲觀或超賣區域，5.9 萬至 7 萬美元區間的形成具有一定合理性，但這並不意味著市場已經確認觸底，更準確地說，比特幣底部結構目前仍處於建構過程中。此外，8.45 萬美元附近的大規模交易峰值主要源於 Coinbase 內部比特幣轉移，不應被納入市場行為分析。

Odaily Planet Daily News Analysis shared by blockchain analytics platform CryptoQuant on July 18 shows that Bitcoin short-term holder cost basis has fallen below the adjusted long-term holder cost basis, triggering a "bear market end" signal. The signal uses a 3-day confirmation window to compare the average purchase prices of short-term and long-term holders. 

The analysis shows that short-term holders refer to investors who have held Bitcoin for less than 6 months, while long-term holders refer to investors who have held Bitcoin for more than 6 months. The short-term holder cost basis has dropped from $112,500 to $69,000, reflecting that Bitcoin purchased within the past 6 months has changed hands at lower prices. The analysis states that the adjusted long-term holder cost basis excludes Bitcoin held for more than 7 years to reduce the impact of dormant supply. The current crossover is described as a change in the holding structure, pointing to the later stages of a bear market, but it does not confirm a market bottom or the start of a new bull market. 

The analysis also indicates that if the short-term holder cost basis rises back above the adjusted long-term holder cost basis, it will be consistent with the bull market confirmation signals seen in previous cycles. Until then, the signal only suggests that the Bitcoin bear market may be nearing its end.