Bitcoin Holds Key Support as On-Chain Data Shows Fresh Accumulation
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Bitcoin ended July strong but lost momentum with two straight daily closes below $63,000 at the start of August, prompting renewed caution among crypto traders. On-chain data shows roughly 155,000 BTC moved into the $62,000 to $65,000 cost-basis range during the pullback — the largest concentration of supply at about 0.7% of circulating BTC — signalling steady buying that could support price and broader adoption.
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Bitcoin finished July on a strong note before losing momentum at the start of August with two straight daily closes below $63,000. The decline has raised fresh caution even as blockchain data points to steady buying around current price levels.
That buying activity became clearer in recent on-chain data, which shows roughly 155,000 BTC moved into the $62,000 to $65,000 cost-basis range during the latest pullback. The zone now holds the largest concentration of supply across the market and represents about 0.7% of Bitcoin’s circulating supply.
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