Analysis: $70,000 - $80,000 is a weak zone for BTC prices, and the consolidation event may be prolonged

According to CoinDesk, based on limited historical trading activity and on-chain supply, the BTC price may further consolidate or retest lower ranges. Since the drop over the weekend, the price of Bitcoin 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 that the price tends to move quickly through this area rather than establishing sustained support or resistance.

The price is more likely to consolidate within this range or move down again before establishing 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 a short time at that level before starting to decline. A notable example occurred in November 2024, when the price surged from about $68,000 to $100,000 within weeks, with almost no consolidation in the $70,000 to $80,000 range.

MicroStrategy (MSTR), the largest corporate holder of Bitcoin, made only one purchase within this price range. On November 11, 2024, the company acquired 27,200 BTC for approximately $2 billion, at an average price of $74,463. Data shows that there is a supply gap between $70,000 and $80,000, indicating that this area remains structurally weak.