Analysis: Nearly 600,000 Bitcoins Bought During Recent Pullback, $60,000-$70,000 Becomes Dense Cost Zone

Odaily News According to data from on-chain analytics platform Glassnode, during Bitcoin's recent pullback below $70,000, traders significantly bought the dip, accumulating purchases of nearly 600,000 BTC, valued at approximately $424.8 billion at current prices. Notably, about 200,000 BTC of this buying volume was added in just the past two weeks. At the beginning of this year, the last time BTC transferred within the $60,000-$70,000 range was approximately 997,000 BTC. Following Bitcoin's recent drop below $70,000, this number has risen to about 1.558 million BTC. This indicates that currently about 8% of the circulating supply was purchased within the $60,000-$70,000 range, forming a relatively dense cost concentration zone. This range may become a significant support level in the future. (Coindesk)