Since the weekend’s plunge, Bitcoin Prices were capped at $70,000 to $79,999 for five consecutive days. That’s a very long time for the relatively short time span that the largest cryptocurrencies have taken.
In fact, Bitcoin has been in this $10,000 bucket for about 35 days. Compared to other increments, it is one of the least developed, highlighting how quickly price can often move without establishing sustained support or resistance.
The longer the price stays within a given range, the greater the chance of establishing a position, which can translate into stronger support later on. This means that prices are more likely to consolidate within this range, or potentially move lower again before establishing a more durable foundation.
During the tariff-driven volatility last April, Bitcoin remained below $80,000 for just a few weeks before rebounding. Likewise, when it reached all-time highs near $73,000 in March 2024, it only stayed at those levels for a short time before falling.
Perhaps the most obvious example was Bitcoin’s rapid breakout of this range in November 2024 after Donald Trump won the presidential election. The price rose from around $68,000 to $100,000 in a matter of weeks, with little chance of consolidation between $70,000 and $80,000.
Notably, Bitcoin’s largest corporate holder, Strategy (MSTR), has only purchased Bitcoin once in this range. On November 11, 2024, the company purchased 27,200 BTC for approximately $2 billion, with an average price of $74,463.
Consider a chart showing the last price Bitcoin moved within a specific price range. Each column represents the amount of Bitcoin transferred at that price.
The data clearly shows a lack of supply between $70,000 and $80,000, indicating that the structure of this area remains weak.
