Is Bitcoin's $70,000-$80,000 support zone fragile? Analysts analyze consolidation risks in detail

Question

【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.

RugPullAlarm · Accepted Answer

Thinking of establishing support in just 28 days? Laughable. This data clearly shows a weak bottom. The limited supply actually indicates concentrated chips. When big players sell off, they can break the level with 70,000. You retail investors should start paying attention to your wallets.

RektButSmiling · Answer

28 days and it's over? This support is too fragile, no wonder it easily breaks through.

SelfRugger · Answer

The 7-8K USD support is indeed fragile, and 28 days is not enough to establish depth. If this wave drops further, it will be risky.

BlockchainBouncer · Answer

Is the support in the 7-8k range so fragile? Then it would just break through directly. It feels like a retest of 5-7k is necessary to be stable.

SchrodingerWallet · Answer

7-8 million support is so fragile, no wonder it feels a bit uncertain lately.

AltcoinMarathoner · Answer

just 28 trading days in that 7-8k zone? that's basically a pit stop, not a real accumulation phase lol. the 5-7k grind lasted forever for good reason—actual HODLers were building positions there. weak supply data = weak foundation. this smells like we're sprinting uphill without proper base camp, ngl

ImpermanentLossFan · Answer

Thinking of establishing support in just 28 days? Dream on, this pace is too fast... It seems that 7-8k is really a weak position. Compared to those intervals that have undergone repeated tests before, this is just a passing phase.

DeFi_Dad_Jokes · Answer

The 7-8k support is indeed a bit weak; there's no way to establish a solid defense line in just 28 days.

Is Bitcoin's $70,000-$80,000 support zone fragile? Analysts analyze consolidation risks in detail

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