Glassnode: On-chain data shows that Bitcoin is forming a low-density accumulation zone in the range of $111,000 to $117,000, or is in the process of bottoming out

ChainCatcher news, Glassnode posted on social media that BTC rapidly rose from $110,000 to $117,000, forming an "air layer" or low-density accumulation zone on-chain.

Since Bitcoin reached its historical high of $122,600, the price has remained above this range. If this support is lost, history shows that such gaps may still evolve into bottom formation zones.