Bitcoin Holders Defend $60K Zone, but Bear Market Floor Could Sit 20% Lower: Glassnode

Glassnode reports that Bitcoin has entered a corrective phase after falling below its “true market mean” near $79,000 in late January a key onchain valuation level tied to the active supply cost basis.

Since then, Bitcoin has traded within a dense demand zone between $60,000 and $69,000, an area heavily accumulated throughout 2024. Many coins purchased in that range have now aged beyond one year, placing a significant cohort of holders near breakeven. This concentration of supply appears to be acting as support, limiting deeper selloffs in the short term.

*BTC long term holder cost basis distribution heatmap*

However, historical cycle data suggests that deeper bear phases often gravitate toward the realized price currently near $54,900 implying potential downside of roughly 20% from present levels if selling pressure intensifies.

Accumulation Rises as Exchange Activity Slows

Data from CryptoQuant shows that accumulation addresses now hold over 4 million BTC, up from about 2 million in early 2024. Retail-linked wallets alone added approximately 850,000 BTC, signaling continued long-term conviction.

Meanwhile, exchange inflows have moderated significantly compared with prior expansion phases. The divergence suggests reduced liquid supply and slower capital rotation, reinforcing Bitcoin’s consolidation phase while leaving open the possibility of a lower bear market floor.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.