Glassnode: Over 400,000 bitcoins have been accumulated in the $60,000 to $70,000 range, forming a dense cost support zone.

PANews, February 24th – According to CoinDesk, Glassnode data 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 BTC on January 1st to about 1.43 million BTC currently, a rise of 43%, accounting for more than 8% of the non-exchange circulating supply, thus forming a dense cost basis zone.

This analysis is based on Glassnode's UTXO Realized Price Distribution metric, which groups the existing supply by the price at which each bitcoin last moved on-chain, and adjusts for entities to exclude internal transfers and exchange balances, providing a clearer reflection of real investors’ cost basis. The $70,000 to $80,000 region was previously described as an “air layer,” an area with historically low trading volume. During this decline, bitcoin dropped from $80,000 to $70,000 in just five days (January 31 to February 5), highlighting how prices can quickly move through low-volume areas until reaching a denser supply zone below.