Bitcoin Holds Tight Inside $60‑$70k Corridor as On‑Chain Data Signals a Possible $55k Floor
By [Your Name], February 19 2026 – Cointelegraph
Market backdrop
After breaching the $79,000 “true market mean” in late January, Bitcoin’s price settled into a corrective phase. The cryptocurrency is now trading in a comparatively narrow band between roughly $60,000 and $69,000. Glassnode’s latest on‑chain analysis suggests that this range is being upheld by a cohort of medium‑term holders whose coins have been idle for more than a year, while overall liquidity on the network is tapering.
What the numbers show
| Metric | Current level | Implication |
|---|---|---|
| Active‑supply cost basis | Below $79k (broken in Jan) | Triggered the recent dip, but the breach also marked the point where a larger share of supply became “unrealized loss”. |
| Realized price (average acquisition cost of all circulating BTC) | ≈ $54,900 | Serves as a psychological floor; price is already above it, reducing the incentive for large‑scale selling. |
| 90‑day realized profit/loss (P/L) ratio | 1‑2 range | Indicates modest capital rotation; a ratio that falls below 1 is typically seen in stressed bear markets. |
| Long‑term accumulation (CryptoQuant) | > 4 million BTC (up from ~2 million BTC in early‑2024) | Demonstrates a steady influx of BTC into wallets that are unlikely to move the coins quickly. |
| Exchange inflows | 300‑400 k BTC avg. (vs. 1.2‑1.5 M BTC during 2023‑24 peaks) | Lower supply on exchanges curtails short‑term trading pressure. |
A heat‑map of the cost‑basis distribution shows a pronounced “age” concentration around the $60‑$70k range. Coins that entered that band in 2023‑2024 have now been held for more than twelve months, positioning many of them close to breakeven. As a result, the supply that could be sold at a loss has shrunk, providing a “soft cushion” for the price.
Analyst perspective
On X, market watcher Ardi noted that the current corridor mirrors the $53‑$73k zone that required 245 days to form last year, underscoring the depth of liquidity that has cycled through this area. “This is the most contested zone on BTC’s entire chart right now,” he wrote, highlighting the significance of the range for both buyers and sellers.
The “$55k floor” narrative
Glassnode points out that in previous downtrends, price tends to gravitate toward the realized price before finding a bottom. With the realized price sitting just under $55,000, many on‑chain analysts view it as a tentative floor. The 90‑day P/L ratio’s current modest level suggests that if the price were to dip toward that zone, the market may lack the aggressive short‑term capital rotation needed to push it much lower.
Supply‑side dynamics
CryptoQuant data reveals a growing dichotomy: while long‑term, retail‑linked accumulation wallets have added roughly 850,000 BTC since the start of 2024, the inflow of coins into centralized exchanges has eased dramatically. The reduced exchange activity translates into a smaller “liquid” supply, which can help sustain the current price corridor even as trading volume contracts.
Key takeaways
- Range defense: Medium‑term holders with aged coins are anchoring Bitcoin within the $60‑$70k band, limiting downside pressure.
- Potential floor: The realized price near $54,900 functions as a psychological support level; a sustained break below could signal a deeper correction.
- Liquidity compression: The 90‑day realized P/L ratio’s 1‑2 range reflects limited capital turnover, a condition often present in early‑stage corrections.
- Accumulation vs. exchange outflows: Long‑term accumulation has risen to over 4 million BTC, while exchange inflows have fallen to a fraction of prior peaks, narrowing the pool of coins available for short‑term selling.
- Market outlook: If Bitcoin can hold above the $55k mark, the next logical target may be a retest of the $70k‑$75k zone, where historical volume concentrations could fuel a rebound. Conversely, a breach of the realized price could reopen the market to higher volatility and renewed selling pressure.
Looking ahead
The interplay between aging supply, subdued exchange activity, and modest profit‑taking suggests that Bitcoin is poised to remain range‑bound in the near term. Market participants will be watching the $55k threshold closely; a decisive move either way could set the tone for the next phase of the 2026 Bitcoin cycle.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any financial decisions.
Source: https://cointelegraph.com/news/resilient-bitcoin-holders-defend-btc-but-bear-floor-sits-20-lower-glassnode?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
