Glassnode data reveals that over 400,000 Bitcoins have accumulated in the $60,000 to $70,000 price range, creating a significant cost support zone. The supply in this range has surged from approximately 997,000 BTC on January 1st to about 1.43 million, marking a 43% increase. This accumulation represents over 8% of the non-exchange circulating supply, according to Glassnode's UTXO-based price distribution metric.
The analysis highlights the dense cost base for Bitcoin holders, contrasting with the $70,000 to $80,000 range, previously noted as an 'air layer' with sparse trading volume. The recent price decline from $80,000 to $70,000 within five days underscores the rapid movement through low-volume areas to reach denser supply zones.
Glassnode: 400,000 BTC Accumulated in $60K-$70K Range, Forming Strong Support
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