Data: Nearly 600,000 Bitcoins were bought during the pullback, with the $60,000 to $70,000 range becoming a dense cost zone.

Mars Finance reports that according to on-chain analysis platform Glassnode, during Bitcoin’s recent pullback below $70,000, traders bought the dip in large volumes, accumulating nearly 600,000 BTC. At current prices, this is worth approximately $42.48 billion, with about 200,000 BTC added in the past two weeks alone. Earlier this year, the last transfer of BTC within the $60,000 to $70,000 range was around 997,000 BTC, but after Bitcoin recently fell below $70,000, this number has risen to approximately 1,558,000 BTC. This means about 8% of the circulating supply was bought within the $60,000 to $70,000 range, forming a dense cost basis that could become an important support level in the future.