BTC liquidity waits as Glassnode STH cluster thins at $60K-$70K
On-chain data from Glassnode suggests Bitcoin (BTC) has an accumulation structure, but it remains too thin to confirm a strong recovery. The firm flags a short-term holder (STH) cost-basis cluster forming between $60,000 and $70,000 as “constructive in form” yet “not in magnitude.”
Glassnode says the $60K–$70K band holds visible supply, but the depth of that accumulation is weaker than historical setups that preceded sharp rebounds. Traders should read this as a “potential floor,” not a confirmed one.
Market context is also cautious. BTC is near the lower bound of the new buyers’ cost-basis range. Meanwhile, the STH MVRV ratio is reported at 0.78 (late March 2026), implying recent entrants are averaging about a 22% unrealized loss versus their realized price near $87,000.
The article links the incomplete cluster to liquidity still “not arriving” in meaningful volume. It notes repeated rejections around the $69,420 resistance level and references suppressed macro liquidity conditions that can limit follow-through on recovery attempts.
What would improve the picture is more supply density (more STH concentration) in $60K–$70K—either new buyers accumulating at current prices or holders staying put through further moves. Until then, the signal is partial: the setup exists, but magnitude and liquidity are still missing.
(Disclaimer: on-chain/technical analysis only; not financial advice.)
Neutral
Glassnode 的核心信息对交易影响偏“中性”：BTC 的 $60K–$70K 区间出现 STH 成本基础集群，说明有资金在“形成地基”；但集群“薄于历史强反弹前的类似样本”，且被描述为“constructive in form, not yet in magnitude”。这意味着短线可能出现支撑/震荡，但不足以高置信度地触发趋势性上行。
与以往的链上底部演化类似，历史强势反转往往需要两个条件同时兑现：1）成本基础密度继续上升（筹码更扎实）；2）市场层面的流动性放大，令买盘承接更充分。当前 STH MVRV=0.78 且新买家仍处于未实现亏损状态，反映市场可能仍在等待“更强的成交量与承接”。因此，短期更可能是区间博弈或缓慢筑底；若后续 $60K–$70K 的筹码密度增长、同时流动性改善，才会更偏向看涨；若利润了结在 $70K 附近继续加剧，则更容易维持偏弱震荡。