Analysis: Bitcoin’s historical stay in the $70,000 to $80,000 range has been very brief; the current duration may signal a prolonged consolidation

PANews, February 4th – According to CoinDesk, the price of bitcoin has been consolidating in the $70,000 to $80,000 range for five days. Historically, this price band has seen very little trading, totaling only about 35 days, and lacks solid historical support or resistance levels, making it a potential area for continued consolidation or downward testing pressure. Data shows that the on-chain supply structure within this price range is weak. The largest corporate holder, Strategy, has only made one large-scale purchase in this range, buying 27,200 bitcoins at an average price of approximately $74,463 in November 2024. Historical data also shows that bitcoin often moves quickly through this area; for example, after the November 2024 election, the price surged from $68,000 to $100,000 within a few weeks without forming effective consolidation in this range.

Analysts point out that the longer the price stays within a certain range, the more the accumulated positions may translate into stronger support. The current situation suggests that bitcoin may continue to consolidate within this range or retest the lower boundary before establishing a more solid foundation.