Bitcoin (BTC) may have spent weeks consolidating below $70,000, but on-chain data indicates the range attracted substantial buying activity.
Glassnode data shows that 1,845,766 BTC were last transacted between $60,000 and $70,000, up from 1,001,491 BTC at the beginning of the year. The increase of roughly 844,000 BTC highlights strong dip-buying as prices moved lower.
This cluster now represents about 9.23% of bitcoin’s circulating supply, forming a significant base of holders with cost basis in that range. As a result, the $60,000–$70,000 zone could act as a key support level, with investors less likely to sell at a loss.
The figures come from Glassnode’s Realized Price Distribution (URPD) metric, which tracks the price levels where current bitcoin holdings—measured through UTXOs—were last moved. The data is entity-adjusted, grouping coins held by the same owner and assigning an average acquisition price.
In contrast, positioning above $70,000 appears relatively thin. Only about 400,000 BTC were last moved between $70,000 and $80,000—roughly half the volume seen in the lower band—suggesting lighter resistance overhead.
Bitcoin has since reclaimed the $70,000 level, aided by improved macro sentiment following a temporary ceasefire between the U.S. and Iran. Over the past five weeks, the cryptocurrency largely traded below that threshold but held up better than traditional risk assets.
Equity markets weakened during the same period as geopolitical tensions pushed oil prices above $100 per barrel, underscoring bitcoin’s relative resilience in a challenging macro backdrop.
