Bitcoins (BTC) the market structure moved into a corrective phase after losing a key on-chain valuation level in late January.
Data from Glassnode shows that the BTC price is compressing into a 2024-era demand zone as liquidity conditions ease. At the same time, the supply of BTC is gradually shifting towards long-term retail-linked wallets, while exchange activity has cooled.
This mix of technical and online data, along with the current turnover of capital, could shape the next steps of the Bitcoin price.
Bitcoin has lost its active cost price, but holders defend $60,000
In its weekly “La Semaine En Chaîne” reportGlassnode said BTC’s recent price decline accelerated due to a move below the true market average near $79,000 in January, which forms the cost basis of the active supply tracked.
Since then, the price has stabilized in a dense range of $60,000 to $69,000, defended by medium-term holders. One of the reasons this area has seen strong support is the age of coins in this range through most of 2024.
The pieces accumulated in this range have aged more than a year, placing a large cohort close to the break-even point. This offer technically alleviated the additional selling pressure.
Market analyst Ardi sharp to a similar dynamic, stating on X,
“We are trading in the same $53-73k range that took 245 days to build last year. Think about the volume that has flowed through this area. This is currently the most contested area on the entire BTC chart.”
Glassnode also highlighted that in past cycles, deeper bearish phases have turned towards the realized price, which now stands near $54,900. The metric estimates the average acquisition cost of all coins in circulation.
Bitcoin liquidity conditions also remain compressed. The 90-day realized profit/loss ratio has returned to the 1-2 range, a level associated with limited capital turnover. Sustained movement below 1 aligns with stressed bearish environments.
Related: Google Searches ‘Bitcoin Going to Zero’ at Highest Since 2022
BTC accumulation increases even as activity slows
CryptoQuant data shows that balances held by accumulated address cohorts continued to increase through early 2026. The total BTC held by these cohorts increased to over 4 million BTC, up from around 2 million BTC in early 2024, reflecting continued absorption of supply.
Retail-related accumulation addresses increased their holdings by 850,000 BTC, while accumulation model wallets, addresses that regularly add BTC at recurring intervals with minimal outflows, increased their size to 1.27 million BTC. This expansion occurred even as the price fell in 2026.
On the other hand, incoming flows from centralized exchange addresses and very active addresses have moderated. Compared to the expansion phases of 2023 to 2024, where peak inflows frequently exceeded 1.2 to 1.5 million BTC, recent activity has remained significantly lower, averaging around 300,000 to 400,000 BTC.
The divergence shows more BTC being absorbed into long-term wallets while fewer coins are circulating on major exchanges. This reduces the liquidity supply and slows trading activity in the short term.
Related: Bitcoin consolidation nears ‘turning point’ as $70,000 comes into focus: analyst
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