Glassnode: BTC 60k–70k accumulation signals build, but momentum is weaker
Glassnode’s latest on-chain analysis says Bitcoin (BTC) is sitting at the lower bound of new buyers’ cost basis range ($60,000–$70,000). The supply accumulated there is “constructive” in structure, but the buildup is thinner than in past cycles that led to strong rebounds.
Data through end of February shows more than 429,000 BTC accumulated within $60k–$70k, representing over 8% of circulating supply on non-exchange wallets. This zone is described as a high-confidence support area by Glassnode (Week 12). However, Glassnode also warns that volatility may persist above $70,000.
Market context: options positioning suggests dealers hold short Gamma exposure in the $70,000–$75,000 band, which can amplify price swings if BTC trades into that range. CoinGlass indicates the market “fear index” is around 8, staying low versus the last two months.
Separately, long-horizon views cited include Bernstein suggesting BTC may have bottomed with a $150,000 target, and JPMorgan arguing BTC has passed “digital gold” criteria—signals with more medium/long-term relevance.
Not investment advice.
Neutral
Glassnode 的核心信息是：BTC 在 $60k–$70k 的积累正在形成，但“力度不足”——这通常意味着支撑更可能稳住而非立刻触发强反弹。因此，短线更像是“区间震荡的概率上升”，而不是单边看涨。
短期交易上，$70k–$75k 的短 Gamma 结构意味着一旦 BTC 冲入该带，价格波动可能被放大，交易机会更偏向“事件驱动的波动交易”（如顺势/回撤后的二次入场），而不是直接追多。
中长期方面，文中引用的 Bernstein、JPMorgan 观点属于更长周期叙事，通常会在大趋势走强时提供情绪与资金的支撑，但对这次“支撑区力度偏弱”的短线信号作用有限。与以往链上筹码由稠密转为稀薄、支撑却仍在的阶段类似，市场往往先完成去杠杆与换手，再等待下一轮催化剂推动趋势延伸。