Bitcoin’s (BTC) ongoing awards payout could accelerate below $ 80,000, as on-chain analysis of Glassnode indicates that the $ 10,000 price range below this level was characterized by weak economic activity late last year.

The BTC prices rose rapidly from $ 70,000 to over $ 80,000 in early November after Pro Crypto Donald Trump won the US presidential election. As a result, very little BTC switched hands between these levels, leaving a so -called “supply gap”, as shown in Glassnode’s Utxo Realized Price Distribution (URPD) diagram.

This metric tracks the price points where existing Bitcoin Utxos was last moved. Each beam represents the amount of Bitcoin that last changed hands within a particular price range. The data is entitled adjustable, which means they assign an average purchase price of each device that categorizes its full balance accordingly.

Bitcoin’s rapid increase from mid -$ 60k to over $ 100,000 after Donald Trump’s US election victory left a little supply foamulation in $ 70,000 to $ 80,000 as it only traded for a few days between these levels.

In other words, the total number of dealers with acquisition prices is between $ 70,000 and $ 80,000 probably far less than on other levels. So a step below $ 80,000 will probably see very little negotiating hunting from holders who want to buy more for their acquisition costs, ensuring little support before $ 73,000, the high time high in March 2024.

As Bitcoin currently consolidates over $ 80,000 is approx. 20% of the total supply at the moment with losses – which means these holdings were purchased over the current price of $ 83,000. These wallets could add the sales pressure under $ 80,000, leading to a quick slide.

Glassnode data shows that approx. 100,000 BTC is sold by short -term holders due to the price correction. While the lack of supply and current warm demand has already contributed to Bitcoin’s 30% withdrawal from its highest height of $ 108K.