Bitcoin surged above $65,500, completely retracing the 13% decline in early July. The highlight of the price movement was the strong accumulation seen in the in-network data. Notably, URPD data pointed out that seller liquidity was largely absorbed around $62,000.
Heavy accumulation around $62,000
In the range between $61,840 and $63,111, large players, including those trading through the ETF channel, appear to be making regular purchases. In this process, a significant part of the selling pressure in the market was met and most of the available supply changed hands. This created a remarkable volume cluster with more than 1.3 million BTC traded.
Mini dictionary: URPD aka UTXO Realized Price Dispersion is an on-chain measurement that shows at what price levels coins last changed hands in Bitcoin. This data is used to understand which regions have a strong cost base and possible support or sales pressure.
This accumulation not only stopped the pullback in July. At the same time, it created a solid base that limited the downward pressure from deepening. Analysts evaluate that this region may have become the starting point for a new upward wave.
Ali Martinez states that there is a significant supply gap from the current price level to $ 84,569, and that there are no large coin clusters that can be sold in this range.
Supply gap up to $84,569
Analyst Ali Martinez states that what is notable about the outlook above $65,500 is the lack of technical resistance. According to Martinez, there is no significant supply density between current spot levels and $84,569. This means that the price may face fewer obstacles to its upward movement if new demand arrives.
| Indicator | Level | Meaning |
|---|---|---|
| Strong accumulation zone | $61,840 to $63,111 | Area where sales liquidity is absorbed |
| Current threshold | over $65,500 | The level where the upward outlook strengthens |
| Featured sales wall | 582,000 BTC | Heavy supply as it approaches $84,569 |
Martinez states that the important sell wall is located higher at 582,000 BTC and that this supply may only become evident as the price approaches the $84,569 target. This picture indicates that if demand strengthens, the upward movement may proceed on a more technically open basis.
Calm outlook before Fed meeting
A relatively calm outlook is observed in foreign markets before the US Federal Reserve’s meeting on July 28 and 29. Although local geopolitical tensions limit short-term volatility, the balance of power seen in on-chain data does not appear to have changed for now.
The base around $62,000 is supported by cumulative volume exceeding one million BTC, while large caps have significantly locked liquidity at the lower levels.
Therefore, the focus in the market is on how strongly the $62,000 region will be defended and to what extent new demand will accelerate. Current data suggests that Bitcoin may be on the verge of a new price move towards annual highs.
