Bitcoin price analysis: BTC might have to spend time below $80,000 to build support
Analysis of CME futures data suggests Bitcoin needs more time consolidating between $70,000 and $80,000 to build historical price support.Summary
An analysis of five years of Bitcoin CME futures trading data reveals that the $70,000 to $79,999 price band has seen the least amount of trading days (28 days), indicating underdeveloped historical price support in this range, compared to lower zones like $30,000-$40,000 which saw nearly two hundred days. This lack of consolidation time in the $70k-$80k zone, reinforced by Glassnode's UTXO Realized Price Distribution (URPD) data showing a supply gap, suggests that if Bitcoin undergoes another correction, it may need to spend significant time consolidating in this area to establish stronger support for future price movements. Currently, BTC is trading near $80,000 after a pullback from its all-time high, placing it in an area historically less tested for support.
(Source：CoinDesk)