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Is Bitcoin's $70,000-$80,000 support zone fragile? Analysts analyze consolidation risks in detail
【Crypto】Bitcoin started to pull back after reaching a new all-time high in October, and for most of December, it fluctuated between $80,000 and $90,000. However, this correction brought the price back to an interesting zone—the $70,000 to $80,000 range. Interestingly, Bitcoin spent very little time in this range—only 28 trading days in total.
This may seem insignificant, but it is highly meaningful for the market. In comparison, Bitcoin spent much more time in the $50,000 to $70,000 range, especially during most of 2024. What does a short duration mean? It indicates that this price range has not yet established strong support, and the historical consolidation is not deep enough.
Data further confirms this point. URPD shows that supply in the $70,000 to $80,000 range is noticeably limited, and futures data also supports this observation. Both independent data sets point to the same conclusion: support in this range is far less stable than in lower price ranges.
In other words, once Bitcoin enters a correction cycle again, the $70,000 to $80,000 threshold could become a critical point. It will require more time to solidify and sufficient trading volume to form a true support level.