Analyst: If Bitcoin enters a correction phase again, it needs to consolidate in the $70,000-$80,000 range for an extended period to establish support

BlockBeats News, December 25th, CoinDesk analyst James Van Straten published an article stating that Bitcoin has spent a relatively short time in the $70,000 to $80,000 range, only 28 trading days, making it one of the least developed ranges in terms of historical consolidation and support.

Since falling from its October all-time high, Bitcoin has traded mostly in the $80,000 to $90,000 range throughout December. This pullback has brought the price back to a range where it has historically spent less time, especially compared to much of 2024 when Bitcoin had more trading days in the $50,000 to $70,000 range. This uneven distribution indicates that the support at the $80,000 range or even the $70,000 to $79,999 range is not yet as solid as compared to lower price ranges.

On-chain data shows that Bitcoin's supply in the $70,000 to $80,000 range is significantly low, consistent with futures data. Both sets of data indicate that if Bitcoin undergoes another correction, the $70,000 to $80,000 range may become a price level that requires more time for consolidation to establish a more solid support area.