BTC is forming a bottom near $66,000 as analysts highlight a key support zone.

ChainCatcher report: Analyst Murphy notes that while the market is widely focused on the $60,000 price low, chip structure analysis reveals that Bitcoin’s true bottom foundation may lie in the dense trading zone around $66,000. Data shows that approximately 440,000 BTC have accumulated at this level, with 240,000 BTC traded between February and April. Currently, chips in the $65,000 to $78,000 range account for 13.8% of the total supply. Although still below the 18.7% level seen before the FTX collapse in October 2022, this percentage is significant given that during this cycle, traditional capital such as ETFs and MicroStrategy has already locked up about 13% of circulating supply at relatively higher levels—establishing a solid foundation for a bottom structure. If the market experiences a second test and further trading occurs within this range, the bottom base will become even stronger and more resilient. The true bottom should not be defined by the lowest price ($60,000), but rather by the trading zone where large capital has concentrated its entry ($66,000). Trading activity in the $78,000 to $82,000 range remains insufficient, and market divergence still needs to be absorbed.