Analysis: Nearly 600,000 Bitcoins were bought during the recent pullback, with the $60,000 to $70,000 range forming a dense cost zone.

According to data from on-chain analytics platform Glassnode, during Bitcoin's recent pullback below $70,000, traders bought heavily, accumulating nearly 600,000 BTC, worth approximately $42.48 billion at current prices. Of this, about 200,000 BTC were bought in the past two weeks alone. At the beginning of the year, the last BTC transferred in the $60,000 to $70,000 range was approximately 997,000 BTC. After Bitcoin recently fell below $70,000, this number has risen to approximately 1,558,000 BTC. This means that approximately 8% of the current circulating supply was bought in the $60,000 to $70,000 range, forming a relatively dense cost basis, which may become an important support level in the future. (Coindesk)