The continuous price setback of Bitcoin (BTC) could accelerate below $ 80K, since the analysis in the Glassnode chain indicates that the $ 10K price range below this level was marked by weak economic activity at the end of last year.
BTC prices rapidly increased from $ 70K to more than $ 80K in early November after Pro Crypto Donald Trump won the presidential elections of the United States. As a result, very little BTC changed hands between those levels, leaving a so -called “supply gap”, as evident in the Glassnode Price Distribution Table (URPD).
This metric tracks the price points in which Bitcoin Utxos moved. Each bar represents the volume of Bitcoin that changed his hands for the last time within a specific price range. The data is adjusted to the entity, which means that it assigns an average purchase price for each entity, classifying its full balance accordingly.
The rapid increase in Bitcoin from the mid -$ 60K to more than $ 100K after the victory of the American Donald Trump elections, left little accumulation of supply in the range of $ 70k to $ 80k, since it was negotiated only for a few days between these levels.
In other words, the total number of merchants with acquisition prices between $ 70k and $ 80k is likely to be much lower than at other levels. Therefore, a movement below $ 80k will probably see very little offers of the headlines that seek to buy more at their acquisition costs, thus ensuring little support before $ 73K, the maximum of all time in March 2024.
In addition, as Bitcoin is currently consolidated above $ 80k, approximately 20% of the total supply is currently with losses, which means that these holdings were bought above the current price of $ 83K. These wallets could add to the sale pressure below $ 80K, which leads to a rapid slide.
Glassnode data show that short -term holders have sold approximately 100,000 BTC due to price correction. While the lack of supply and current the tepidal demand has already contributed to the 30% Bitcoin setback from its historical maximum of $ 108k.
