Glassnode: Over 400,000 Bitcoins have accumulated in the $60,000 to $70,000 range, forming a dense cost support zone.

PANews reported on February 24th that, according to CoinDesk, Glassnode data shows that over 400,000 BTC have accumulated in the $60,000 to $70,000 price range during the recent Bitcoin price decline. The supply within this price range has increased from approximately 997,000 on January 1st to approximately 1.43 million currently, an increase of 43%, representing over 8% of the non-exchange circulating supply, forming a dense cost zone for holding Bitcoin.

This analysis is based on Glassnode's UTXO-based price distribution metric, which groups the existing supply by the price at the time of each Bitcoin's last on-chain move and excludes intra-entity transfers and exchange balances through entity adjustments to more clearly reflect the cost base of genuine investors. The $70,000 to $80,000 area was previously described as an "air layer," historically characterized by sparse trading volume. In this recent decline, Bitcoin fell from $80,000 to $70,000 in just five days (January 31 to February 5), highlighting how quickly prices can penetrate low-volume areas to reach denser supply zones below.