By looking at what Bitcoin has done over the past five years CME futures trading data allows one to assess where the cryptocurrency has historically spent time consolidating and, by extension, where support has been more or less established.
One effective way to do this is to check the number of trading days Bitcoin spent within a specific price range. The longer the price stays within a given range, the more opportunities there are to establish a position, which can translate into stronger support later on.
Data from Investing.com shows clear differences between different price ranges. Excluding the very brief period when Bitcoin hit all-time highs above $120,000, BTC spent the least amount of time in the $70,000 to $79,999 range, with just 28 trading days. Additionally, it only spent 49 days in the $80,000 to $89,999 range. In comparison, lower price areas such as $30,000 to $39,999 or $40,000 to $49,999 experienced nearly 200 trading days, highlighting how extensively these areas have been tested and consolidated.
Bitcoin has been trading in a range of $80,000 to $90,000 for much of December, following a sharp correction from October’s all-time highs. This correction brings prices back to an area where the market has historically spent relatively little time, especially compared to much of 2024, when Bitcoin spent most of 2024 between $50,000 and $70,000. This uneven distribution suggests that support at $80,000 or even between $70,000 and $79,999 is less developed than support in the lower ranges.
Glassnode data reinforces this observation. The UTXO Realized Price Distribution (URPD) uses an entity adjustment framework to allocate each entity’s entire balance to its average acquisition price, showing where the current Bitcoin supply was last moved.
URPD indicates a clear lack of supply, concentrated between $70,000 and $80,000, consistent with futures data. Both data sets suggest that if Bitcoin were to go through another correction phase, the $70,000 to $80,000 area may represent a logical area where price may need to take more time to consolidate to establish stronger support.
Disclaimer: This analysis is based on daily open prices for Bitcoin CME futures, excluding weekends, meaning these numbers reflect how often Bitcoin starts trading sessions within each price range, not intraday or closing price activity.