Bitcoin sees accumulation of more than 400,000 BTC in the $60,000–$70,000 range…buying volume up 43%

Bitcoin (BTC) appears to have attracted substantial buying interest in the $60,000–$70,000 range during the latest pullback.

According to CoinDesk, a digital asset (cryptocurrency) news outlet, an analysis by on-chain data provider Glassnode shows that the amount of Bitcoin with an average acquisition price in the $60,000–$70,000 band rose to about 1.43 million BTC from roughly 997,000 BTC as of Jan. 1 this year. About 429,000 BTC changed hands in that range, representing a 43% increase.

This does not reflect an increase in total issuance; rather, it indicates that investors’ cost basis (average purchase price) has become concentrated at that price level. More than 8% of circulating supply excluding exchange-held balances is estimated to have a cost basis in the $60,000–$70,000 band.

The analysis is based on Glassnode’s “UTXO Realized Price Distribution (URPD)” metric, which categorizes supply by the price at which each Bitcoin last moved on-chain. Using an adjusted version that clusters addresses under the same owner and excludes internal transfers and exchange balances, the metric more clearly reflects the distribution of actual investors’ acquisition prices.

Bitcoin’s price has fallen to around $63,000 from about $88,000 on Jan. 1. That puts it roughly 50% off the all-time high of $126,000 recorded in October last year.

The outlet noted that the $70,000–$80,000 zone was previously an “air pocket,” a range with relatively little historical trading, adding that Bitcoin slid from $80,000 to $70,000 in just five days from Jan. 31 to Feb. 5 during the latest correction. After moving quickly through that thin area, a comparatively thicker buying base is forming in the $60,000–$70,000 range, it said.