Bitcoin has moved back above $65,500, while on-chain data points to a significant support area beneath the current market. According to crypto analyst Ali Martinez, a historic accumulation zone near $62,000 has formed a major support level that could help Bitcoin target higher prices if demand continues to strengthen.

Martinez cited the latest UTXO Realized Price Distribution, or URPD, data, which indicates that long-term holders and institutional investors absorbed substantial selling pressure during the recent market pullback. URPD is an on-chain metric that groups Bitcoin supply by the price at which each batch of coins last moved on-chain, allowing analysts to identify price bands where large volumes of BTC were last transacted and where holders' cost bases are concentrated. Bitcoin recovered from its early July decline after buyers accumulated coins between $61,840 and $63,111.

More than 1.3 million BTC changed hands within that narrow price range, creating what Martinez described as the largest hidden support zone ever recorded by the metric. The activity suggests that available seller liquidity was absorbed in that area and that a large amount of Bitcoin moved into wallets with a longer investment horizon.

As a result, the support level around $62,000 has become a key area for the market structure. The concentration of ownership in that range may make the level more resilient against renewed selling pressure, according to the analysis.

Record accumulation reduces overhead supply

Martinez said the newly established support zone is important not only because it protects recent price gains, but also because it reflects a transfer of Bitcoin into stronger hands that may be less willing to sell during short-term volatility.

He also identified a notable gap in Bitcoin's supply distribution above current prices. The URPD data shows few major coin concentrations between Bitcoin's current trading range and approximately $84,569. That means there is limited historical supply in that area that could act as significant resistance if buying demand increases. In practical terms, URPD gaps like this mean relatively few coins have a cost basis in that range, so fewer holders are positioned to sell at a break-even or small profit as price moves upward through it.

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… pic.twitter.com/swDmRQDpnp — Ali Charts (@alicharts) July 23, 2026

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… pic.twitter.com/swDmRQDpnp

— Ali Charts (@alicharts) July 23, 2026

Martinez identified roughly 582,000 BTC clustered near $84,569. In his analysis, that level represents the next major area where sellers could emerge, making it the first significant resistance zone after Bitcoin's recent recovery.

Bitcoin market structure holds amid macro uncertainty

Broader financial markets remain cautious ahead of the U.S. Federal Reserve policy meeting scheduled for July 28 and 29. However, Bitcoin's on-chain structure has remained stable despite softer trading activity across risk assets.

Geopolitical developments have also weighed on short-term sentiment, but they have not disrupted Bitcoin's underlying accumulation trend. The concentration of more than 1.3 million BTC around $62,000 has strengthened the market's technical foundation and reduced downside risk, according to Martinez.

Martinez said the limited overhead supply shown in URPD data could leave Bitcoin with relatively little technical resistance before $84,569 if buyers maintain the current momentum. The next major selling cluster remains near that level, where about 582,000 BTC were previously accumulated.