Bitcoin is trading in a tight range after Glassnode said the market slipped into a corrective phase by losing a key onchain valuation level in late January.
Price compresses after key onchain break
In its weekly “The Week On-chain” report, Glassnode said BTC’s dip accelerated after it fell below the “true market mean” near $79,000 in January, which it describes as the cost basis of tracked active supply.
Glassnode added that price has since stabilized inside a dense $60,000 to $69,000 band, with medium-term holders defending the zone.
Why the $60K–$69K zone matters
Glassnode said much of the supply accumulated in that range during 2024 has now aged more than a year, leaving a large cohort near breakeven and reducing sell pressure.
Market analyst Ardi wrote on X:
“We’re trading inside the same $53-73K range that took 245 days to build last year. Think about how much volume went through this zone. This is the most contested zone on BTC’s entire chart right now.”
Glassnode also noted that in prior cycles, deeper bear phases have tended to gravitate toward realized price, which it put near $54,900.
Liquidity and activity stay muted
Glassnode said the 90-day realized profit/loss ratio has fallen back into the 1–2 range, with sustained moves below 1 historically aligning with stressed bear conditions.
Accumulation rises as exchange flows cool
Separate CryptoQuant data showed accumulating cohorts holding over 4 million BTC in early 2026, up from roughly 2 million BTC in early 2024.
Retail-linked accumulation addresses added about 850,000 BTC, while “accumulating pattern” wallets grew to 1.27 million BTC.
Meanwhile, exchange and highly active address inflows moderated, averaging roughly 300,000 to 400,000 BTC versus frequent 1.2 to 1.5 million BTC spikes during 2023–2024 expansion phases.
Glassnode wrote:
“BTC’s price is compressing within a 2024-era demand zone as liquidity conditions soften. At the same time, BTC’s supply is steadily shifting into long-term, retail-linked wallets while exchange activity has cooled.”
