Glassnode: 3.44 Million BTC Cluster Between $58,000-$67,000 Signals Potential Bitcoin Support

Glassnode highlights the 3.44 million BTC cost basis cluster between $58,000 and $67,000 as a key support area during potential pullbacks, reporting that supply has shifted from the upper band to this region while the price remains in the $67,000-$74,000 range.

On-chain data analysis firm Glassnode examined URPD data, which shows the price at which the Bitcoin supply was acquired. The cost basis indicates the average purchase zone. During a period where the price remained sideways for approximately 11 weeks, 2.23 million BTC—equivalent to about 11% of the total supply—repositioned into the $58,000-$67,000 range. A total density of 3.44 million BTC has formed in this interval. While the Bitcoin price is currently around $72,500, the market continues to trade within the $67,000-$74,000 region.

The largest source of this cluster was the $67,000-$74,000 region directly above; as the price moved sideways, this area thinned by approximately 40%. Nearly 9 out of 10 coins that moved into the current range came from those higher levels. In the distribution, 1.91 million BTC of the 2.23 million BTC repositioning came from the upper side, while 1.20 million BTC had been in the band since the beginning.

Bitcoin’s potential support zone lies within the $58,000-$67,000 range

Of the 6.92 million BTC with a cost basis above $67,000, 5.23 million BTC (approximately 76%) is held by long-term holders (HODLers). While 770,000 BTC lowered their cost basis by purchasing at lower levels, 925,000 BTC changed hands at a loss of approximately 26%.

Data indicates that the $58,000-$67,000 band should be monitored if the Bitcoin price pulls back; however, this cost basis cluster offers no definitive guarantee of support. The fact that the price is still within the $67,000-$74,000 range shows that the upper band remains a critical part of the analysis.