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

Odaily News According to data from on-chain analysis platform Glassnode, during Bitcoin's recent pullback below $70,000, traders significantly bought the dip, accumulating purchases close to 600,000 BTC, valued at approximately $424.8 billion at current prices. Of this, about 200,000 BTC were bought in just the past two weeks. At the beginning of this year, the last time BTC transferred within the $60,000 to $70,000 range was about 997,000 BTC. After Bitcoin recently fell below $70,000, this number has risen to approximately 1.558 million BTC. This means 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 an important support level in the future. (Coindesk)