Bitcoin The recent drop sparked heavy trading activity, with nearly 600,000 BTC changing hands in the $60,000 to $70,000 range, according to blockchain data tracked by Glassnode.
In other words, traders went bargain hunting and scooped up almost 600,000 BTC ($42.48 billion) in this price range during the correction. Of these, over 200,000 BTC has been accumulated in the last two weeks alone.
Note that at the start of the year, around 997,000 BTC last traded between $60,000 and $70,000. Since bitcoin recently fell below $70,000, this figure has climbed to 1.558 million BTC.
Overall, this means that almost 8% of the circulating supply is owned by people who purchased their bitcoin in this range, creating a dense group of owners. As such, the $60,000-$70,000 range could provide an important support level going forward.
At press time, Bitcoin was changing hands above $70,000, trading at levels that had previously seen little trading activity. CoinDesk Research has previously highlighted the “air gap” between $70,000 and $80,000, a range in which relatively little supply changes hands.
Nonetheless, the market is at a point where things could improve, as Checkonchain’s analysis shows that around 40% of Bitcoin holders have paid more than $70,000 for their coins.
