Glassnode: If Bitcoin's buying pressure continues to accumulate at a low level, it may set the stage for the next rally

BlockBeats News, August 7th, Glassnode referenced data in its latest crypto weekly report, indicating that Bitcoin's price in July retraced from a high of $12.3K to $11.3K, causing recent new investors to be underwater, forming a significant supply cluster with a cost basis above $11.6K. The lower bound of this cluster has been tested multiple times and sparked bounces, but the decisive breakdown on July 31st led the price into the previously mentioned "empty zone."

Historical data shows that such low liquidity ranges often evolve into new accumulation zones. By comparing the UTXO Realized Price Distribution (URPD) on July 31st and August 4th, it can be seen that when the price rebounded from a low of $11.2K, about 120K BTC were absorbed by investors, driving the price back above $11.4K. However, the total supply in the range of $11K to $11.6K remains low, and continued accumulation may set the stage for the next upward movement.

Despite the accumulation seen over the past week, the rebound momentum is not yet sufficient to reclaim the cost basis of new entrants in nearly a month (1-week to 1-month holder cohort)—the current level has now turned into a resistance level near $11.69K. If the price can consistently break through this threshold, it will confirm the resurgence of demand; conversely, if it remains capped in the long term, it may further decline to the lower bound of the empty zone at $11K.