Traders snapped up nearly 600,000 BTC as bitcoin dipped below $70,000, blockchain data show

Bitcoin’s $BTC$70,816.15 recent dip triggered heavy trading activity, with nearly 600,000 $BTC changing hands in the $60,000–$70,000 range, according to blockchain data tracked by Glassnode.

In other words, traders went bargain hunting, snapping up nearly 600,000 $BTC ($42.48 billion) in this price band during the correction. Of these, more than 200,000 $BTC were accumulated in the past two weeks alone.

Note that at the start of the year, roughly 997,000 $BTC had last moved within the $60,000–$70,000 range. Since bitcoin’s recent drop below $70,000, that number has jumped to 1.558 million $BTC.

Taken together, it means that nearly 8% of the circulating supply is owned by people who bought their bitcoin in this range, creating a dense cluster of ownership. As such, the $60,000–$70,000 range could act as an important support level going forward.

At press time, bitcoin changed hands above $70,000, trading at levels, which have previously seen thin trading activity. CoinDesk Research has previously highlighted the “air gap” between $70,000 and $80,000, a range where relatively little supply changed hands.

Still, the market is at a point where things could spice up, because analysis by Checkonchain shows that around 40% of bitcoin holders have paid more than $70,000 for their coins.