Bitcoin Price Support

Bitcoin buyers gobbled up nearly 850,000 BTC between $60,000 and $70,000, according to data from Glassnode. This increase of 844,275 BTC indicates that some market participants aggressively bought the dip below $70,000. The total amount of BTC that last moved on-chain in the $60,000-$70,000 range now stands at 1,845,766 BTC, up from 1,001,491 BTC on Jan. 1. The significance of this lies in the fact that this 1.84 million BTC figure accounts for about 9.23% of bitcoin's circulating supply, which could act as a floor because a lot of coins are “anchored” there and sellers might be reluctant to sell below it. This is evident from Glassnode's Realized Price Distribution metric, which shows the price levels where the current set of bitcoin UTXOs were last moved. A key level to watch is the $70,000 to $80,000 range, which looks relatively thin, with just 400,000 BTC sitting in this range, nearly half of the amount transacted below $70,000. If bitcoin can break above this range, it could signal a new wave of buying interest, potentially driving the price higher.