Since the weekend slump, bitcoin the price has been capped between $70,000 and $79,999 for five consecutive days. That’s a remarkably long time for a streak in which the largest cryptocurrency has spent a relatively short period of time.
In fact, bitcoin has spent about 35 days within this $10,000 bucket. Compared to other rises, it is one of the least developed, highlighting how quickly price has tended to move through instead of building sustained support or resistance.
The longer the price spends in a given interval, the greater the opportunity there has been to build positions, which can later translate into stronger support. What this means is that the price is more likely to consolidate in this range or potentially take another move towards the lower end near before establishing a more durable base.
During the tariff-driven volatility last April, bitcoin held below $80,000 for just a few weeks before bouncing back. Similarly, when it reached an all-time high near $73,000 in March 2024, it spent only a short period at those levels before falling.
Perhaps the clearest example of how quickly bitcoin has moved through this range occurred in November 2024 following Donald Trump’s presidential election victory. The price accelerated from around $68,000 to $100,000 in a matter of weeks, leaving little opportunity for consolidation between $70,000 and $80,000.
Notably, Strategy (MSTR), the largest corporate holder of bitcoin, has only bought bitcoin once within this interval. On November 11, 2024, the company bought 27,200 BTC for approximately $2 billion at an average price of $74,463.
Consider a chart that shows the prices that bitcoin last moved to within a certain price bucket. Each column represents the amount of bitcoin transferred at that price.
The data clearly shows a lack of supply between $70,000 and $80,000, suggesting that this zone remains structurally thin.
