Analysis: $70,000-$80,000 is a weak zone for BTC price, consolidation period may extend

According to limited historical trading activity and on-chain supply data, the BTC price may face further consolidation or retest lower levels. Since last weekend's decline, the Bitcoin price has been confined between $70,000 and $79,999 for five consecutive days. Bitcoin has spent a total of about 35 days within this $10,000 price range, making it one of the shortest durations, indicating a tendency for the price to move through this zone quickly rather than establishing sustained support or resistance. The price is more likely to consolidate within this range or move lower again before building a more solid foundation. In April of last year, Bitcoin rebounded after spending only a few weeks below $80,000. Similarly, when it reached a high near $73,000 in March 2024, it spent very little time at that level before declining. A notable example occurred in November 2024, when the price surged from around $68,000 to $100,000 within weeks, with almost no consolidation in the $70,000 to $80,000 range. MicroStrategy (MSTR), Bitcoin's largest corporate holder, has made only one purchase within this price range. On November 11, 2024, the company purchased 27,200 BTC for approximately $2 billion at an average price of $74,463. Data shows a supply gap exists between $70,000 and $80,000, indicating this zone remains structurally weak. (CoinDesk)