About 840,000 bitcoin of new buying has built up this year in the $60,000 to $70,000 range, data showed.

CoinDesk reported on April 8 that on-chain data provider Glassnode said the amount of bitcoin last seen moving on-chain at those levels totalled 1,845,766 bitcoin.

That is up 844,275 bitcoin from 1,001,491 bitcoin as of Jan. 1. It indicates a substantial volume changed hands while bitcoin recently swung below $70,000. It is interpreted as a sign that market participants moved actively to buy the dip below $70,000.

The 1.84 million bitcoin accumulated in the $60,000 to $70,000 band equals about 9.23 percent of circulating supply. Glassnode viewed many coins as being "anchored" at those prices, meaning holders may be less inclined to sell below that level. That raises the possibility that levels below $70,000 could act as support for bitcoin.

The figures are based on Glassnode’s realized price distribution metric, URPD. It shows the price levels at which currently circulating bitcoin UTXOs last moved. Bars for each band indicate how much bitcoin is accumulated at a given price range. The figures presented this time apply an entity-adjusted method that groups coins held by the same owner based on an average purchase price.

By contrast, trading traces in the $70,000 to $80,000 band were relatively thin. The amount of bitcoin last moved in that range was about 400,000 bitcoin. That is close to half of the volume traded below $70,000. The data show buying was more heavily formed at lower levels than at higher prices, it said.

Market prices also aligned with the trend. Bitcoin moved back above $70,000 after a temporary ceasefire between the United States and Iran. Bitcoin has continued to move up and down below $70,000 for about 5 weeks, but showed relatively steady movement compared with traditional risky assets. At the time, the impact of the Iran war pushed international oil prices above $100 a barrel, while risky assets such as stocks weakened.

Against this backdrop, on-chain accumulation zones are emerging as a key indicator for gauging future price moves. With large volumes piled up in the $60,000 to $70,000 band and the $70,000 to $80,000 band relatively empty, attention is focused on whether bitcoin can settle above $70,000.