Glassnode: Over 400,000 Bitcoins are accumulated in the $60,000 to $70,000 range, forming a dense cost support zone

PANews February 24 News, according to CoinDesk, data from Glassnode shows that during Bitcoin’s recent decline, over 400,000 BTC were accumulated in the $60,000 to $70,000 range. The supply within this price range increased from approximately 997,000 on January 1 to about 1.43 million now, a 43% increase, accounting for more than 8% of the circulating supply outside exchanges, forming a dense holding cost zone.

This analysis is based on Glassnode’s UTXO Realized Price Distribution indicator, which groups existing supply by the last on-chain movement price of each Bitcoin and excludes internal transfers within entities and exchange balances through entity adjustments to better reflect the true cost basis of investors. The $70,000 to $80,000 region was previously described as an “air layer,” a zone with historically low trading volume. During this decline, Bitcoin fell from $80,000 to $70,000 in just five days (January 31 to February 5), highlighting how quickly prices can pass through low-volume areas until reaching denser supply zones below.