Bitcoin investors accumulated close to 850,000 BTC within the $60,000–$70,000 range.

Bitcoin (BTC) may have appeared range-bound below $70,000 in recent weeks, but underlying data suggests strong accumulation during the dip.

On-chain metrics show that the amount of BTC last transacted between $60,000 and $70,000 has climbed to 1,845,766 BTC, up from 1,001,491 BTC at the start of the year, according to Glassnode. The increase of more than 840,000 BTC points to aggressive buying activity as prices slipped below $70,000.

More notably, this 1.84 million BTC represents roughly 9.23% of bitcoin’s circulating supply. Such concentration suggests that the $60,000–$70,000 range could act as a key support zone, as a large share of holders may be disinclined to sell below their cost basis.

The data comes from Glassnode’s Realized Price Distribution (URPD) metric, which tracks the price levels at which existing bitcoin holdings—represented by UTXOs, or individual wallet balances—were last moved. In this dataset, holdings are entity-adjusted, meaning coins controlled by the same owner are grouped based on their average acquisition price.

While the $60,000–$70,000 band has seen heavy accumulation, activity above that range appears comparatively thin. Glassnode data shows only around 400,000 BTC transacted between $70,000 and $80,000—roughly half the volume recorded below $70,000.

Bitcoin has since reclaimed the $70,000 level, aided in part by improved macro sentiment following a temporary ceasefire between the U.S. and Iran. Over the past five weeks, the asset largely traded below that threshold, yet still showed resilience compared to traditional risk assets.

Equities came under pressure during the same period as escalating tensions pushed oil prices above $100 per barrel, highlighting bitcoin’s relative strength amid broader market volatility.

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