What to know:
- Supply in the $60K to $70K range has increased to 1.85 million BTC, up 844,275 BTC since Jan. 1, signalling strong dip buying.
- The $70,000 price band holds 2.2% of total supply, making it the fourth largest concentration zone.
- A supply “air gap” between $70,000 and $80,000, with only 400,000 BTC, suggests potential for rapid price movement or consolidation in that range.
Although Bitcoin’s price fluctuated below $70,000 recently, a large amount of trading activity suggests strong buying interest during price drops.
Looking at the blockchain data, I’m seeing a significant increase in Bitcoin that was last moved on-chain between $60,000 and $70,000. Glassnode’s data shows this amount has jumped from just over 1 million BTC on January 1st to nearly 1.85 million BTC now. This increase of over 844,000 BTC strongly suggests that some investors stepped in and bought the recent dip below $70,000.
Notably, that 1.84 million Bitcoin represents roughly 9.23% of all Bitcoin currently in circulation. This suggests that $70,000 could serve as a support level – a price point where many owners are unlikely to sell, potentially preventing the price from falling much further.
These figures come from Glassnode’s Realized Price Distribution metric, which tracks the price levels where existing bitcoins were last transferred. The chart shows how much bitcoin is currently held at each price point. This specific version groups coins held by the same person together and calculates an average purchase price for that group.
Glassnode reports that a lot of Bitcoin trading has happened between $60,000 and $70,000, but there’s much less activity expected between $70,000 and $80,000. Only about 400,000 BTC are currently held within that higher price range, which is less than half the amount that changed hands below $70,000.
After a brief pause in tensions between the U.S. and Iran, Bitcoin’s price has risen above $70,000. For the last five weeks, the cryptocurrency had been fluctuating around that level. Despite rising oil prices – exceeding $100 a barrel due to the conflict – Bitcoin held its value better than typical investments like stocks, which generally declined.
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2026-04-08 14:43