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

According to data from on-chain analytics platform Glassnode, during Bitcoin's recent pullback below $70,000, traders engaged in significant buying on dips, accumulating close to 600,000 BTC. At current prices, this is worth approximately $42.48 billion, with about 200,000 BTC of this buying volume occurring in just the past two weeks. At the beginning of this year, the last time BTC was transferred within the $60,000 to $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 in the $60,000 to $70,000 range, forming a relatively dense cost zone for holdings. This range may become a significant support level in the future. (Coindesk)