On-chain analytics firm Glassnode reports that Bitcoin’s recent consolidation has produced only a modest accumulation band, suggesting limited investor conviction.
The Short-Term Holder Cost Basis Distribution (STH CBD) reveals a slight clustering of supply between $62,000 and $72,000. This range reflects where coins purchased in the last 155 days were acquired.
A dense cluster formed during November’s market dip, acting as strong support. However, BTC later broke below it, pushing all those holdings underwater.
Recent price stability near $71,000 lacks comparable buying pressure or supply concentration. "Accumulation is forming but intensity is modest," Glassnode noted.
Without stronger accumulation, the foundation for a durable breakout remains fragile.