According to market analyst Darkfost, Bitcoin’s price-based supply distribution is revealing critical zones that could define the asset’s near-term trajectory. This latest piece of important on-chain data is offering a clearer picture of where the market may be headed next, following the positive price action observed in early April.

61% Of BTC Supply In Profit Despite Bear Season

In an on April 11, Darkfost shares an insight into Bitcoin’s price structure based on its supply distribution pattern. At current prices, the renowned expert reports that approximately 61% of Bitcoin’s circulating supply was acquired below the spot price, leaving 39% purchased at higher levels. This positioning suggests that a majority of market participants remain in profit, a condition often associated with a more constructive market structure.

Interestingly, further data analysis reveals a notable concentration of investor activity in the $65,000- $70,000 range. While this zone reflects both buying and selling activity rather than pure accumulation, it still represents a key area where a significant volume of coins last changed hands. Because this range sits below the current price, it is interpreted as a potential support floor and a good accumulation zone for smart money investors.

Here is a snapshot of BTC supply distribution by price.

At current price levels, 61% of BTC has been acquired below this level, while 39% was bought at higher prices.

︎ We can observe a clear cluster of investor activity between $65,000 and $70,000. I refer to activity…

— Darkfost (@Darkfost_Coc)

On the upside, a similar cluster of activity has emerged between $90,000 and $95,000, which Darkfost expects could act as a formidable resistance level. This is because market participants who acquired Bitcoin at this price range are likely to exit their positions once prices return to their cost basis, thereby creating a barrier to further upward movement.

However, Darkfost warns that not all activity clusters carry the same weight. The analyst considers the $85,000 region non-sequential from a technical standpoint, despite showing elevated transaction volume. This is largely due to the influence of exchange-related transfers, most notably a substantial transfer of nearly 800,000 BTC from Coinbase, which distorts the data and fails to reflect genuine investor sentiment or conviction.

Bitcoin Price Pocket Lies Above $75,000

Another key insight from the supply map is the presence of a relatively low-activity zone, often referred to as an “air pocket,” above $75,000. In this range, Bitcoin has historically seen limited trading activity, implying fewer barriers to price movement. As a result, if Bitcoin enters this zone with sufficient momentum, it could either move through it rapidly or undergo a brief consolidation phase before continuing higher. At press time, the premier cryptocurrency trades at $71,535, up 6.45% over the last seven days.