According to external sources, against the backdrop of continued fluctuations in recent months, the number of long-term holders of bitcoin continued to increase, with the number of storages rising to 1,664 million, or about 83 per cent of the current supply. Although prices were still below the high point of the previous cycle, a significant portion of the market's chips did not go back, but instead continued to go into low liquidity wallets.

Long-term holders are innovative

According to the article, this change is not identical to previous cycles. In the past, during the rapid increase in bitcoin, long-term holders tended to gradually realize their profits, with the fall in the share of hold. But this time, since 2025 and until 2026, the long-term holder hold has continued to expand, indicating that more bitcoin has been transferred to long-term sedimentation.

From a supply point of view, such changes would increase the bottom stability of the market. When negotiable chips are reduced, sales pressure is often more difficult to release at lower concentrations, and prices may be more sensitive to new demands.

$72,100 for the upper pressure zone.

At the same time, however, the article notes that the status of the short-term warehouse population is not consistent. The average storage cost for this part of the address, based on a new whale caliber of less than 155 days in currency, is approximately $72,100, while the latest price of bitcoin is still around $64,200.

This means that once the price has re-entered the zone, some of the new whales that were previously packaged may choose to reduce their warehousing or sell them, thus creating a more visible push above. And that's why $72,100 is considered an important resistance in the current restoration.

Exchange outflows show a tight roller.

Exchange data are also strengthening the perception of tight supply. The article cites the financial flow of Binance, stating that from 29 May to 6 July, the platform experienced a net outflow for eight consecutive weeks, of which on 15 June there were once more than 5,200 BTCs.

During the same period, the average daily net outflow was about 887 BTCs. Usually, currency transfers from the exchange and into cold wallets mean that there is a reduction in the short-term sale of chips, which reduces the pressure of instant selling to some extent.

There are multiple layers of cost support down there.

Despite the cost line suppressed above, the market is not unsupported below. The article mentions that the cost area for Binance investors is around $58,700, for miners about $53,700 and for long-term giant whales around $47,400.

Overall, bitcoin is now in a state of supply tightening, alongside the upper pallet. The continued locking of long-term holders provides a more stable downward line to prices; but without a stronger new demand, the proximity of $72,100 could still be the most difficult to break in the rebound.