Foreign media reports that analyst Jamie Coutts believes that Bitcoin has shown a clear level of support in the range of $58,000 to $63,000. Both centralized exchange transaction data and on-chain spot activity indicate that there was an abnormal increase in trading volume in this area, reflecting large holders accumulating positions at that price level.
The range of $58,000 to $63,000 is considered a critical interval.
The article argues that this range has become an important support level for Bitcoin at present. The reason is not only that prices have repeatedly traded at this level, but also because a large amount of capital has been exchanged at this position. Once the price falls below this area in the future, the funds that entered earlier will be under pressure, and market sentiment may also be dragged down as a result.
Trading volume scales up in sync with on-chain spot prices
Coutts mentioned that this judgment does not come from a single indicator. The trading volume on centralized exchange charts, as well as the spot data on the chain, show a significant increase at similar price levels. This usually indicates that there is a larger amount of capital actively taking over behind the market, rather than being driven by scattered buy orders in the short term.
13F provides financial support for ETF.
He also pointed out that the performance of Bitcoin compared to gold and tech stocks is still worth paying attention to. The article considers both as the main comparables for Bitcoin in terms of its resistance to currency devaluation and its narrative as a growth asset. From a weekly chart perspective, Bitcoin's relative strength remains strong.
In addition, Coutts believes that institutional funds have been increasing their holdings of Bitcoin over the past quarter, which can be observed from the recently disclosed 13F documents. At the same time, the scale of capital inflow into Bitcoin ETF is approximately 300% of the new supply, indicating that off-exchange buying orders are still continuously absorbing the supply.
