Bitcoin Eyes $84,000 as On-Chain Data Shows Record 1.3 Million BTC Support Zone

 

What to Know

• Bitcoin reclaimed $65,500 as over 1.3 million BTC accumulated near $62,000, creating the strongest recorded on-chain support level ever.
• Ali Martinez identified minimal overhead supply before $84,569, leaving Bitcoin with limited technical resistance if buying demand strengthens further.
• Despite macroeconomic uncertainty, long-term holders reinforced Bitcoin’s market structure while the next major selling cluster remains near $84,569.

 

Bitcoin has climbed above $65,500 as on-chain data signals growing strength beneath the market. According to crypto analyst Ali Martinez, a historic accumulation zone around $62,000 has created a strong support level that could help Bitcoin target higher prices. The latest UTXO Realized Price Distribution data indicates that long-term holders and institutional investors absorbed significant selling pressure during the recent market pullback.

Bitcoin recovered from its early July decline after buyers steadily accumulated coins between $61,840 and $63,111. Consequently, this activity exhausted available seller liquidity and established what Martinez described as the largest hidden support zone ever recorded by the metric. More than 1.3 million BTC changed hands within that narrow range, reinforcing confidence in the area’s importance.

Moreover, the large ownership transfer suggests that many investors entered positions with a longer investment horizon. As a result, the support level has become more resilient against renewed selling pressure.

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Record accumulation reduces overhead supply

According to Martinez, the newly established support zone does more than protect recent price gains. Instead, it represents a major shift of Bitcoin into stronger hands that appear less willing to sell during short-term market swings.

Additionally, Martinez pointed to a notable gap in Bitcoin’s supply distribution above current prices. The URPD data shows very few major coin concentrations between Bitcoin’s current trading range and approximately $84,569. Consequently, there is limited historical supply that could create significant resistance if buying demand strengthens.

Besides that, Martinez identified roughly 582,000 BTC clustered near the $84,569 level. According to his analysis, this represents the next major area where sellers could emerge, making it the first significant resistance zone after the recent breakout.

Bitcoin structure strengthens despite macro uncertainty

Broader financial markets remain cautious ahead of the U.S. Federal Reserve policy meeting scheduled for July 28 and 29. However, Bitcoin‘s on-chain structure has remained stable despite softer trading activity across risk assets.

Additionally, geopolitical developments have weighed on short-term sentiment without disrupting Bitcoin’s underlying accumulation trend. Hence, the concentration of more than 1.3 million BTC around $62,000 has strengthened the market’s technical foundation and reduced downside risk. According to Martinez, the limited overhead supply could allow Bitcoin to advance toward $84,569 if buyers maintain the current momentum.

Also Read: XRP Futures Open Interest Climbs on Binance as Leveraged Traders Return

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