Bitcoin is buying and selling in a decent vary after Glassnode stated the market slipped right into a corrective part by dropping a key onchain valuation stage in late January.
Worth compresses after key onchain break
In its weekly “The Week On-chain” report, Glassnode stated BTC’s dip accelerated after it fell beneath the “true market imply” close to $79,000 in January, which it describes as the price foundation of tracked lively provide.
Glassnode added that worth has since stabilized inside a dense $60,000 to $69,000 band, with medium-term holders defending the zone.
Why the $60K–$69K zone issues
Glassnode stated a lot of the provision accrued in that vary throughout 2024 has now aged greater than a yr, leaving a big cohort close to breakeven and lowering promote strain.
Market analyst Ardi wrote on X:
“We’re buying and selling inside the identical $53-73K vary that took 245 days to construct final yr. Take into consideration how a lot quantity went by this zone. That is probably the most contested zone on BTC’s complete chart proper now.”
Glassnode additionally famous that in prior cycles, deeper bear phases have tended to gravitate towards realized worth, which it put close to $54,900.
Liquidity and exercise keep muted
Glassnode stated the 90-day realized revenue/loss ratio has fallen again into the 1–2 vary, with sustained strikes beneath 1 traditionally aligning with burdened bear situations.
Accumulation rises as trade flows cool
Separate CryptoQuant knowledge confirmed accumulating cohorts holding over 4 million BTC in early 2026, up from roughly 2 million BTC in early 2024.
Retail-linked accumulation addresses added about 850,000 BTC, whereas “accumulating sample” wallets grew to 1.27 million BTC.
In the meantime, trade and extremely lively deal with inflows moderated, averaging roughly 300,000 to 400,000 BTC versus frequent 1.2 to 1.5 million BTC spikes throughout 2023–2024 enlargement phases.
Glassnode wrote:
“BTC’s worth is compressing inside a 2024-era demand zone as liquidity situations soften. On the identical time, BTC’s provide is steadily shifting into long-term, retail-linked wallets whereas trade exercise has cooled.”