Despite recent volatility below the $70,000 mark for Bitcoin (BTC), which is currently valued at $71,519.35 as of May, significant trading activity has indicated a robust demand during dips. Blockchain data reveals that the total BTC last traded in the $60,000-$70,000 range now amounts to 1,845,766 BTC, an increase from 1,001,491 BTC on January 1st, as reported by Glassnode. This uptick of 844,275 BTC suggests aggressive buying behavior when prices fell below $70,000.
Crucially, this 1.84 million BTC represents about 9.23% of Bitcoin’s circulating supply, suggesting that valuations beneath $70,000 could serve as a support level, with many coins ‘anchored’ there and sellers potentially hesitant to part with them at lower prices.
These insights are based on Glassnode’s Realized Price Distribution (URPD) metric, which highlights the price points where current Bitcoin UTXOs—individual segments of Bitcoin in wallets—were last moved. Each segment represents the quantity of Bitcoin held at a specific price, adjusted for entities to cluster coins owned by the same party based on their average acquisition cost.
Although trading activity has been dense between $60,000 and $70,000, the $70,000-$80,000 range appears sparse in comparison, with only 400,000 BTC recorded there. This is nearly half of what was traded below $70,000, according to Glassnode data.
Bitcoin has climbed back above $70,000 following a temporary de-escalation between the U.S. and Iran. Over the past five weeks or so, it fluctuated around this price point but showed resilience compared to traditional risk assets like stocks, which suffered as oil prices surged above $100 per barrel due to tensions with Iran.