Analysis: Around 600,000 BTC were bought during bitcoin's drop below $70,000, making the $60,000-$70,000 range a potential key support zone.

Jinse Finance reported that, according to on-chain analytics platform Glassnode, during bitcoin's recent pullback below $70,000, traders engaged in significant dip buying, accumulating nearly 600,000 BTC, which is valued at approximately $42.48 billion at current prices. Of this, about 200,000 BTC were purchased in just the past two weeks. At the beginning of this year, the last time BTC was transferred within the $60,000 to $70,000 range was around 997,000 coins. After bitcoin recently fell below $70,000, this number has risen to approximately 1,558,000 coins. This means that about 8% of the current circulating supply was bought in the $60,000 to $70,000 range, forming a relatively dense cost basis area, which could become an important support level in the future.