Bitcoin buyers accumulate 850,000 BTC below $70,000

Analysis of blockchain data reveals significant accumulation of Bitcoin within the $60,000 to $70,000 price range, with nearly 850,000 BTC acquired since the start of the year. This surge in activity indicates strong demand and suggests that valuations below $70,000 may be forming a support floor, as many holders are reluctant to sell at a loss. The concentration of coins in this band, now representing over 9% of the circulating supply, contrasts with a thinner supply between $70,000 and $80,000, potentially facilitating rapid price movements. Bitcoin has recently rebounded above $70,000, influenced by geopolitical developments and institutional interest.