Glassnode: Bitcoin is consolidating in the $74,000 range, and the decline may slow down slightly

Odaily Planet Daily News Glassnode posted on the X platform that Bitcoin seems to have found support at $74,000. The holding cost of about 50,000 BTC is concentrated at $74,200. On-chain data shows that this part of the holdings is mainly held by investors who have been active in the past 5 months. They steadily increased the holding cost until March 10, and have remained idle since then. From here, the decline may slow down slightly, with a total of about 175,000 BTC in the holding cost cluster between $74,000 and $70,000. The largest single level in this range is $71,600, holding about 41,000 $BTC. The next more solid support level is $69,900, where about 68,000 BTC are held. The $69,000 range coincides with -1 standard deviation of the short-term holders’ cost basis, which was defined by Glassnode analysts in January as the lower edge of bullish short-term price volatility.