Bitcoin has staged a sharp recovery, surging back above the $70,000 level after a weekend slide that saw it briefly touch $65,500. This rebound, which added over $5,000 to the price in a single day, follows a period of intense accumulation by traders who seized the dip as a buying opportunity.
Blockchain data from Glassnode reveals that nearly 600,000 BTC, worth approximately $42.48 billion, were acquired in the $60,000 to $70,000 price range during the recent correction. A significant portion of this buying—more than 200,000 BTC—occurred in just the past two weeks. This activity has created a dense cluster of ownership, with the total supply of BTC last moved within this range jumping from roughly 997,000 at the start of the year to 1.558 million. This means nearly 8% of Bitcoin's circulating supply is now held by investors who bought between $60K and $70K, potentially establishing a strong support zone.
The price action has been volatile, with Bitcoin falling to $63,000 on February 28 amid geopolitical tensions involving the U.S., Israel, and Iran, before rallying to a monthly high of $74,000 last Wednesday. The subsequent rejection led to the weekend slump, which was sharply reversed on Monday. The broader crypto market mirrored the recovery, adding about $100 billion in market capitalization in one day, bringing the total close to $2.5 trillion.
Ethereum reclaimed the psychologically important $2,000 level, while other major altcoins like BNB, XRP, and DOGE posted gains. The rally was broad-based, with HYPE leading larger alternatives with an 11% jump. Bitcoin's market dominance also increased, rising above 57%.
Analysts note a critical "air gap" in trading activity between $70,000 and $80,000, suggesting thin supply in that range. Furthermore, data from Checkonchain indicates that around 40% of Bitcoin holders purchased their coins above $70,000, which could influence future price movements as these holders may react to breakeven levels.
