Bitcoin's $70K to $80K Zone Lacks Strong Historical Support:

The current price movements in Bitcoin point to a gap where many traders are not considering trading. The CME Bitcoin futures market data reveals that BTC/USD has spent a small period of time in the $70,000 to $80,000 gap, which is one of the least developed levels in support formation.

Relative to the ranges such as $40,000 to $60,000, where bitcoin had traded for hundreds of sessions, the $70K to $80K area had only a few weeks of action. Since less positions have been formed in this area, consequently less supply has been absorbed in this region.

On-chain analysis paints a similar picture. There isn't much supply at stake in the current price zone, as evidenced by Glassnode's UTXO Realized Price Distribution.

If there is another correction, it could become less of a floor and more of a transition area where bitcoin could consolidate itself until it finds deeper levels of support. This current level, at least for the moment, is one of the thinnest levels of the history of the marketplace.

#MarketAnalysis