Bitcoin [BTC] is recovering after months of downside pressure, with the asset now trading around $64,000 as it climbs higher. The rebound follows a low of $57,800 on the 1st of July, a swing that stands out on the chart. That low sat just below $59,000, the level that has defined Bitcoin’s recent range.
Data from Checkonchain places this price where slightly more than half of all traders hold their cost basis, meaning a large share of the market bought in around there. Widening the lens to supply distribution by cohort, most of the cost basis falls within the $59,000 to $70,000 band.
The bounce from July’s low, then, reads as the reaction traders would expect. Holders step in to defend the zone rather than let the price slide lower and force them to sell at a loss. However, the defense alone does not confirm a price bottom or floor.
A senior market analyst explained why the level may not yet mark the floor, pointing to short-term holders (STH) as the group driving the move. He noted that their “behaviors are diverging between capitulation and accumulation.”
He framed the zone as a base still forming, adding that,
Indicators are now sitting in extreme selling or negativity zones, but that doesn’t mean this floor defines the bottom. It rather suggests that its construction is currently underway.
Bitcoin long-term holders tighten their grip
A second cohort carries just as much weight over Bitcoin‘s direction, the long-term holders. Analysts define long-term holders (LTH) by how long they sit on their coins, typically beyond 155 days.
Bitcoin’s Binary CDD metric tracks whether these holders are spending or holding, and the reading has now dropped to 0. A Binary CDD of 0 tells us the cohort is holding and not selling, which is a constructive setup for Bitcoin, especially as price leans bullish. For context, since the 1st of July, Bitcoin has climbed 11%.
The spent output profit ratio (SOPR), measured across both LTHs and short-term holders, now reads 0.89 and edges slowly upward. This level carries weight because the two previous times SOPR fell here, in April 2020 and September 2023, each episode gave way to a rally.
The September 2023 recovery ran into the new year and carried Bitcoin to a fresh all-time high in January 2024.
The current reading still leaves the market in balance, with LTHs and STHs earning similar returns and neither side in control. Once the ratio flips above 1, it points to bulls gaining the upper hand, enough momentum, potentially, to lift Bitcoin through the $64,336 ceiling it has failed to crack for weeks.
U.S. investor demand holds the key for Bitcoin
Confidence from U.S. investors forms another pillar of any sustained rally, and it tends to mirror the risk appetite flowing through the wider market.
Steady, growing capital moving into Bitcoin through the spot ETF can signal relief for the asset. According to SosoValue, it did exactly that between February and April 2026, when inflows lifted the price from $65,594 to $76,412.
This July, the U.S. spot Bitcoin ETF has stayed in positive territory with a netflow of $200.17 million. Sustained flows from the U.S. would go a long way toward keeping Bitcoin’s advance intact.
Final Summary
- Bitcoin has recovered to around $64,000 after bottoming near $57,800 on July 1, with long-term holders holding rather than selling.
- U.S. demand is the swing factor from here; spot ETFs have drawn fresh money this month.
