Bitcoin’s $BTC$70,816.15 The recent sell-off has triggered heavy trading activity, with approximately $600,000 worth of trades taking place. $BTC It has changed hands in the $60,000 to $70,000 range, according to blockchain data tracked by Glassnode.
In other words, traders went bargain hunting and netted nearly $600,000. $BTC ($42.48 billion) occurred in this price range during the correction. Of these, more than 200,000 $BTC It has accumulated over the past two weeks alone.
Note that at the beginning of the year, there were approximately 997,000 people. $BTC The last transaction price was in the $60,000 to $70,000 range. Since Bitcoin recently fell below $70,000, that number has jumped to 1.558 million. $BTC.
Collectively, nearly 8% of the circulating supply is owned by people who bought Bitcoin in this range, meaning a dense ownership cluster has formed. Therefore, the $60,000 to $70,000 range could act as an important support level going forward.
At the time of this writing, Bitcoin was trading above $70,000, a level that had previously seen weak trading activity. CoinDesk Research has previously highlighted an “air gap” between $70,000 and $80,000, in which relatively little supply is replaced.
Still, the market is at a stage where things could heat up, as Checkonchain’s analysis shows that around 40% of Bitcoin holders are paying more than $70,000 for the coin.
