Analyst: If bitcoin enters another correction phase, it will need to consolidate for an extended period in the $70,000–$80,000 range to establish support.

BlockBeats News, December 25, CoinDesk analyst James Van Straten published an article stating that bitcoin stayed in the $70,000 to $80,000 range for a relatively short period, only 28 trading days, making this price range one of the least developed in terms of historical consolidation and support.

After retreating from its all-time high in October, bitcoin traded in the $80,000 to $90,000 range for most of December. This pullback brought the price back to a range where the market has historically spent little time, especially compared to most of 2024, when bitcoin spent more trading days in the $50,000 to $70,000 range. This uneven distribution indicates that support in the $80,000 range, and even the $70,000 to $79,999 range, is not as solid as in lower price ranges.

URPD data shows that bitcoin supply in the $70,000 to $80,000 range is significantly lacking, which is consistent with futures data. Both sets of data suggest that if bitcoin enters another adjustment phase, the $70,000 to $80,000 range may become a reasonable area where the price needs more time to consolidate in order to establish stronger support.