Bitcoin’s Historical Price Support Analysis Reveals Weakness in $80,000 Range
- Bitcoin has spent only 28 trading days in the $70,000 to $79,999 price band.
- In the $80,000 to $89,999 range, BTC has recorded just 49 trading days.
- Lower ranges like $30,000 to $39,999 and $40,000 to $49,999 saw nearly two hundred trading days each.
- Current trading in December places Bitcoin between $80,000 and $90,000 after a pullback from an October all-time high.
- The UTXO Realized Price Distribution indicates minimal supply concentration between $70,000 and $80,000.
The analysis highlights that Bitcoin’s support levels are weaker in the current price range compared to lower historical zones where it spent more time consolidating. This suggests potential challenges for maintaining price stability if corrective movements occur.
With only a few dozen trading days at these higher levels, Bitcoin may need to consolidate further between $70,000 and $80,000 to establish stronger support.(Source)
