Foreign media reports that analyst Jamie Coutts believes Bitcoin has shown strong support in the $58,000 to $63,000 range. Data from centralized exchanges and on-chain spot activity indicate an unusual surge in volume at this level, suggesting that large holders have been aggressively accumulating positions here.
$58,000 to $63,000 is the key range.
The article argues that this range has become a crucial support zone for Bitcoin. This is not only because price has repeatedly traded at this level, but also because a significant amount of capital has already changed hands here. If the price subsequently breaks below this area, the capital that entered earlier will come under pressure, potentially dragging down market sentiment.
Trading volume has increased in sync with on-chain spot activity.
Coutts noted that this assessment does not come from a single indicator. Trading volume on centralized exchange charts and on-chain spot data both showed significant increases at similar price levels. This typically suggests that larger volumes of capital are actively absorbing the market, rather than being driven by scattered short-term buying.
13F and ETF cash flows provide support.
He also noted that Bitcoin’s performance relative to gold and tech stocks remains noteworthy. The article views both as primary comparables for Bitcoin in narratives around inflation hedging and growth assets, and from a weekly chart perspective, Bitcoin’s relative strength remains strong.
In addition, Coutts believes that institutional funds have been increasing their holdings of Bitcoin over the past quarter, as evidenced by recently disclosed 13F filings. Meanwhile, net inflows into Bitcoin ETFs have reached approximately 300% of the new supply, indicating that over-the-counter buying continues to absorb supply.