Despite recent volatility keeping Bitcoin below the $70,000 mark, on-chain data indicates that demand for “buying the dip” remains robust. According to analytics platform Glassnode, trading activity has surged significantly within the $60,000 to $70,000 price range.
Glassnode’s Unspent Realized Price Distribution (URPD) metric shows that the total volume of Bitcoin that last moved within this price band has reached approximately 1.846 million coins. In contrast, on January 1st of this year, holdings in this range stood at just 1.001 million. This suggests that market participants have accumulated roughly 844,000 additional Bitcoin over the past few months.
The Support Effect of Price Ranges
This accumulation accounts for approximately 9.23% of Bitcoin’s current circulating supply. Analysts point out that because a massive volume of Bitcoin is now “anchored” at this cost basis—and holders tend to be reluctant to sell when prices dip below these levels—the $60,000 to $70,000 range is becoming a critical floor for Bitcoin’s price.
By comparison, the $70,000 to $80,000 price range remains relatively thin, holding only about 400,000 Bitcoin. This supply “gap” suggests that once Bitcoin breaks through $70,000 and establishes firm footing, the price could experience more rapid volatility or consolidation within that higher range.
Following a recent period of correction, Bitcoin has climbed back above the $70,000 threshold as geopolitical tensions have temporarily eased. Over the past five weeks, Bitcoin has demonstrated remarkable resilience, significantly outperforming traditional risk assets like crude oil. Even as oil prices spiked above $100 per barrel due to geopolitical conflict—putting pressure on stocks and other traditional financial markets—Bitcoin avoided any large-scale panic selling.