Bitcoin has entered a zone for another attempt at its year high, with analysis suggesting overhead resistance has weakened sharply as a large accumulation band forms near $62,000.

On July 23, blockchain media outlet U.Today said the key is a change in the network’s internal supply-demand structure. The UTXO Realized Price Distribution indicator showed supply was broadly absorbed, forming a record-scale hidden support line. The shift concentrated between $61,840 and $63,111, where large participants, including exchange-traded funds, steadily accumulated bitcoin, exhausting remaining sell-side liquidity in the market.

As a result, a large transaction volume band of more than 1.3 million BTC formed in this price range. The band not only halted July’s decline but also became support that blocked further attempts by bearish forces to push prices down. The area around $62,000 shifted into a starting point for a new upward move.

The market is also focusing on the lack of clear technical resistance above $65,500. Analyst Ali Martinez (알리 마르티네즈) assessed that a supply gap appears from the current spot price up to $84,569, with no major coin concentration zones. That means prices could rise without major resistance if new demand flows in.

The amount cited as a meaningful sell wall overhead is 582,000 BTC near $84,569. Before that, no large resistance band is confirmed, prompting views that upside momentum could increase if supply and demand tilt to one side.

Short-term volatility is being affected by external variables. Ahead of the U.S. Federal Reserve meeting scheduled for July 28 to 29, broader external markets are showing a relatively calm trend, and localized geopolitical tensions are also continuing. Some in the market viewed these factors as only temporarily suppressing short-term volatility, without changing the overall balance of forces in the market itself.

In terms of fund flows, attention is on the fact that downside liquidity is already locked up to a significant extent. With the $62,000 floor defended by cumulative holdings of more than 1 million BTC, the structure is such that prices could move upward quickly if additional demand attaches. Accordingly, the market is watching as a key watershed whether bitcoin actually enters a breakout zone and whether it meets its first major selling pressure near $84,569.

In particular, this analysis is meaningful in that it is based not on a simple chart support line but on a price band where actual trading concentrated. With many investors’ purchase prices formed around $62,000, even if prices face another correction, there is a possibility that defensive demand could appear more strongly than selling in that zone.

Still, the supply gap does not guarantee an immediate rise into the $80,000 range. Short-term selling pressure could grow again depending on the Fed’s monetary policy signals, spot ETF fund flows and the size of leverage in the derivatives market. The market sees whether prices settle above $65,500 as the first junction to determine whether weakening overhead resistance leads to an actual uptrend.

Bitcoin $BTC has built a major support floor between $63,111 and $61,840, where more than 1.3 million BTC have changed hands, according to the URPD. As long as this support holds, on-chain data shows no major supply wall until $84,569, where roughly 582,000 BTC were previously… https://t.co/U1sq8xK2Cb pic.twitter.com/swDmRQDpnp