Bitcoin’s market structure has shifted into a corrective phase after falling below a key onchain valuation level. Data indicates price is now compressing within a $60,000 to $69,000 range defended by medium-term holders, while supply is steadily moving into long-term wallets. This combination of technical factors and slowing exchange activity is shaping the current market landscape.
Bitcoin’s market structure shifted into a corrective phase after losing a key onchain valuation level in late January. The price is now compressing within a 2024-era demand zone as liquidity conditions soften.
Glassnode data shows BTC broke below its true market mean near $79,000, which is the cost basis of the active supply. Since then, price has stabilized inside a dense $60,000 to $69,000 range defended by medium-term holders.
Market analyst Ardi stated “We’re trading inside the same $53-73K range that took 245 days to build last year.” Glassnode also highlighted that deeper bear phases have historically gravitated toward the realized price, now near $54,900.
The 90-day realized profit/loss ratio has declined into a range associated with limited capital rotation. A sustained move below 1 has historically aligned with stressed bear environments.
Data shows balances held by accumulating address cohorts have continued rising into early 2026. Total BTC held by these cohorts has expanded to over 4 million, up from roughly 2 million in early 2024.
Retail-linked accumulation addresses increased holdings by 850,000 BTC, while accumulating pattern wallets grew to 1.27 million BTC. Inflows from centralized-exchange and highly active addresses have moderated significantly compared to previous expansion phases.
This divergence shows more BTC is being absorbed into long-term wallets while fewer coins rotate through major exchanges. That reduces the liquid supply and slows down short-term trading activity.
