Bitcoin (BTC) may have struggled to hold above $70,000 in recent weeks, but on-chain data suggests the pullback was met with significant buying interest.
According to Glassnode, the amount of bitcoin last moved in the $60,000–$70,000 range has risen to 1,845,766 BTC, up from 1,001,491 BTC on Jan. 1. The increase—more than 840,000 BTC—signals that market participants actively accumulated during the dip below $70,000.
That cohort now represents about 9.23% of bitcoin’s circulating supply, making it a meaningful pocket of demand. With such a large volume of coins acquired in this range, the zone could serve as a strong support level, as holders may be less inclined to sell below their entry prices.
These insights are based on Glassnode’s Realized Price Distribution (URPD) metric, which maps where current bitcoin holdings—tracked via UTXOs—were last transacted on-chain. The data is entity-adjusted, grouping balances controlled by the same owner and assigning them an average acquisition price.
While the $60,000–$70,000 band shows dense accumulation, positioning above that level is comparatively light. Only around 400,000 BTC were last moved between $70,000 and $80,000, roughly half the volume seen in the lower range, suggesting thinner resistance overhead.
Bitcoin has since pushed back above $70,000, supported in part by improving macro sentiment following a temporary ceasefire between the U.S. and Iran. For much of the past five weeks, the asset traded below that level, yet remained relatively resilient.
During the same period, traditional risk assets—particularly equities—came under pressure as geopolitical tensions drove oil prices above $100 per barrel, underscoring bitcoin’s relative strength in a volatile macro environment.
