By checking the last five years of bitcoin With CME futures trading data, it is possible to assess where that cryptocurrency has historically spent time consolidating and, by extension, where support has more or less been established.
A useful way to frame this is by examining the number of trading days Bitcoin has spent within specific price bands. The longer the price has spent in a given range, the more opportunities there have been to build positions, which can then translate into stronger support.
PakGazette data shows clear disparities between price ranges. Excluding the very brief time when Bitcoin traded at record levels above $120,000, BTC has spent the least amount of time in the $70,000 to $79,999 band, just 28 trading days. Furthermore, it has spent only 49 days in the range of $80,000 to $89,999. In contrast, lower price zones, such as $30,000 to $39,999 or $40,000 to $49,999, had almost two hundred trading days, highlighting how extensively those areas were tested and consolidated.
For most of December, bitcoin has been trading in that $80,000 to $90,000 range following its sharp pullback from October’s all-time high. That correction has pushed the price back into an area where the market has historically spent relatively little time, especially compared to much of 2024, during which bitcoin spent a significant number of days between $50,000 and $70,000. This uneven distribution suggests that support at $80,000, and even between $70,000 and $79,999, is less developed than in the lower ranges.
This observation is reinforced by Glassnode data. UTXO’s Realized Price Distribution (URPD) shows where the current bitcoin supply last moved, using a per-entity-adjusted framework that maps each entity’s total balance to its average acquisition price.
The URPD indicates a notable lack of concentrated supply between $70,000 and $80,000, aligning with futures data. Both sets of data suggest that if Bitcoin were to go through another corrective phase, the $70,000 to $80,000 region could represent a logical area where the price might need to spend more time consolidating to establish stronger support.
Disclaimer: This analysis is based on the daily opening price of CME Bitcoin futures, excluding weekends, meaning the figures reflect how often Bitcoin began a trading session within each price band rather than closing or intraday price activity.
