Over 400,000 BTC Bought Between $60k and $70k During Bitcoin’s Latest Downturn

Why It Matters

The concentration of cost‑basis in the $60‑70K range signals strong dip‑buying, which could cushion downside and fuel a rebound. It also reshapes the supply‑demand dynamics that traders monitor for price forecasts.

Key Takeaways

• 400k BTC accumulated in $60‑70k range during downturn.
• Supply in that band grew 43% to 1.43 million BTC.
• Over 8% of non‑exchange supply now sits at $60‑70k.
• Bitcoin fell 50% from October’s $126k peak.
• $70‑80k zone acted as thin “air pocket”.

Pulse Analysis

The recent Bitcoin correction has revealed a striking shift in on‑chain investor behavior. Glassnode’s Unspent Transaction Output Realized Price Distribution shows that more than 400,000 BTC were purchased when prices hovered between $60,000 and $70,000, pushing the supply in that band to 1.43 million coins. This 43% increase since January concentrates a sizable portion of the market’s cost basis in a narrow price window, creating a dense support zone that could influence future price stability.

Market participants have long watched the $70,000‑$80,000 corridor, labeling it an "air pocket" due to historically low transaction volume. The latest five‑day plunge from $80,000 to $70,000 underscores how quickly Bitcoin can traverse thinly traded zones, exposing the market to heightened volatility. As the price settled into the $60,000‑$70,000 range, aggressive dip‑buying by long‑term holders amplified the supply cluster, suggesting that investors anticipate a bottom and are positioning for a potential upside.

For analysts and institutional players, the growing concentration of non‑exchange supply below $70,000 offers a new data point for forecasting. When a significant share of the circulating supply shares a similar cost basis, sell pressure may diminish, and any upward price movement could trigger a cascade of profit‑taking or further accumulation. Consequently, the $60K‑$70K band is likely to become a focal point for technical strategies, while the thin $70K‑$80K air pocket may act as a catalyst for rapid price swings if breached.