Although the Bitcoin price has recently exhibited a fluctuating graph below 70 thousand dollars, a large amount of transactions were carried out during this period. Data on the chain reveals that intense purchases were made, especially in the 60-70 thousand dollar band.
Analysis Shows 1.84 Million Bitcoins Changed Hands This December
Data compiled by Blockchain analysis company Glassnode showed that a total of 1 million 845 thousand 766 Bitcoins between 60 and 70 thousand dollars last moved at these levels. This amount represents a significant increase compared to just over 1 million Bitcoins changing hands in the same range at the beginning of the year.
The fact that 844 thousand Bitcoins have found buyers in this price range since the beginning of the year indicated that many investors bought at prices below 70 thousand dollars. 1.84 million Bitcoins account for approximately 9.23 percent of Bitcoin’s total circulating supply. It was stated that the high volume obtained at these levels may cause this price band to form a bottom in the future. As a matter of fact, many investors may not be willing to sell their Bitcoin below this level.
Volume Remains Relatively Weak in the Upper Price Bracket
Glassnode’s Realized Price Distribution (URPD) data shows at what price levels current balances in Bitcoin wallets are being moved. According to the company, although the transaction volume remained high between 60-70 thousand dollars, this rate decreased significantly between 70-80 thousand dollars.
Glassnode revealed that a total of 400 thousand Bitcoins are held in the range of 70-80 thousand dollars. This indicator showed that the volume in the upper price bracket remained almost half lower than in the lower bracket. If the price rises above 70 thousand dollars again, seller and buyer behavior in this region is expected to be decisive in the market.
The URPD metric also includes grouping coins held by the same owner according to their average purchase price. Thus, it can be seen more clearly how individual investors are positioned at certain price levels.
In recent weeks, Bitcoin has risen above $70,000 again following the temporary ceasefire between the US and Iran. It has been observed that the cryptocurrency has mostly fluctuated below 70 thousand dollars in the last five weeks. On the other hand, it was stated that Bitcoin held firm compared to other assets among markets with high risk appetite. Although oil prices in particular rose above $100 due to geopolitical tension, it was noted that Bitcoin showed a certain resistance, unlike the stock markets.
