Bitcoin’s profitable supply has retreated to 55.2% after peaking at 58% on July 21st, down from 46.2% at the end of June. This level remains below previous bear market recoveries, which reached at least 64%, and past cycle highs ranging from 64% to 83%. BTC has bounced from the low $62,000s to nearly $66,700 while defending the $64,000 support level. Whales have remained profitable throughout the decline and continue to accumulate, suggesting easing selling pressure. The market has not yet crossed through the 60% to 65% range needed to confirm a lasting cycle shift.
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