More than 400,000 Bitcoin (BTC) have been accumulated between $60,000 and $70,000 during the recent market downturn, signaling robust dip buying as the cryptocurrency’s price has retraced sharply, according to data from Glassnode.
Supply within the $60,000 to $70,000 range has increased significantly, rising from approximately 997,000 BTC on January 1st to around 1.43 million BTC as of February 24, 2026 – a surge of roughly 429,000 BTC, representing a 43% increase, Glassnode data shows. This concentration means over 8% of the circulating Bitcoin supply not held on exchanges now has a cost basis within this price band, creating a substantial cluster of ownership.
The accumulation occurred as Bitcoin’s price declined from approximately $88,000 on January 1st to around $63,000, part of a broader correction that has seen the cryptocurrency lose roughly 50% of its value since reaching an all-time high of $126,000 in October.
Glassnode’s analysis relies on its Unspent Transaction Output Realized Price Distribution (URPD) metric. This metric categorizes existing Bitcoin supply based on the price at which each coin last moved on the blockchain. The entity-adjusted version of the metric groups addresses controlled by the same owner, excludes internal transfers, and removes exchange balances, providing a clearer picture of genuine investor cost basis.
CoinDesk has previously identified the $70,000 to $80,000 range as an area of limited historical trading activity, describing it as an “air pocket.” During the recent downturn, Bitcoin traversed this zone rapidly, falling from $80,000 to $70,000 in just five days, between January 31st and February 5th, demonstrating the speed with which price can move through areas with lower transaction volume before encountering stronger support from concentrated supply.
Glassnode data also indicates that Bitcoin holders are defending the $60,000 to $69,000 range, with medium-term holders playing a key role in stabilizing the price. This support is bolstered by the fact that a significant portion of the coins accumulated within this range have been held for over a year, placing many holders near their breakeven point.
However, Glassnode has flagged a potential bear market floor around $54,900, citing historical patterns where bear phases have tended to gravitate towards this level. According to a report from February 19, 2026, Bitcoin’s market structure shifted into a corrective phase after losing a key onchain valuation level near $79,000 in January.
Despite the recent accumulation, market analysts note that BTC’s price is currently compressing within a demand zone established in 2024, but caution that this channel may break, potentially leading to further price declines. The current capital rotation within the digital asset markets may also influence the next phase of Bitcoin’s price movement.
