Blockchain analytics firm Glassnode has issued an analysis identifying a significant low-density price accumulation zone for Bitcoin between $110,000 and $117,000.
According to the report, this zone is characterized by relatively few existing holders having purchased their coins within this specific price range.
The identification leverages proprietary on-chain metrics, which track the historical cost basis of Bitcoin held in wallets across the network.
Glassnode suggests that such low-density zones often become areas of strong potential support during market downturns, as fewer investors are underwater on their positions and may be more likely to hold or accumulate further, slowing downward momentum.
The analysis highlighted a recent movement that saw Bitcoin trade below $118,000, though it only registered a marginal 0.16% decrease on the day.
The findings are presented as a tool intended to assist market participants in navigating Bitcoin’s inherent volatility by identifying patterns based on investor behavior within the blockchain.