Bitcoin fell near $57,000 on July 1 before recovering to about $77,400, while on-chain indicators cited by Cointelegraph pointed to concentrated cost basis and continued bullish divergence.
Bitcoin reached a 21-month low near $57,000 on July 1 before recovering to trade around $77,400. Analyst James Check said the $57,000 area may mark a cycle bottom, although that interpretation is not confirmed by the price move alone.
The on-chain signals behind the view
Approximately $300 billion in Bitcoin cost basis was concentrated between $58,000 and $70,000. During the recovery, about 4 million BTC moved from an unrealized loss into profit. Bitcoin supply held for one to seven days stood at 2.35% on July 5.
Why the data is being read as bullish
A bullish divergence continued on weekly time frames for BTC. Bitcoin short-term holders remained partially profitable for 30 consecutive days, while long-term holders controlled roughly 80% of Bitcoin wealth—data cited as supporting a constructive market reading.