Bitcoin Forms Weakest Link in Its Price Trajectory
Bitcoin Forms Weakest Link in Its Price Trajectory
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Recent data over the last five years reveals that Bitcoin’s price struggle significantly at the $70,000–$80,000 range. According to Investing.com, Bitcoin only spent 28 trading days within the $70,000–$79,999 band, while the $80,000–$89,999 zone saw activity for just 49 days. After an all-time high in October, Bitcoin hovered around the $80,000–$90,000 region throughout December, touching on areas previously unexplored in depth. Glassnode’s on-chain data further underscores this, suggesting possible consolidation signals due to low concentration in supply within this price range.
CME Data Reveals Key Price Strengths
CME futures data indicates where Bitcoin’s price found stability in specific ranges, revealing significant gathering of positions. Notably, Bitcoin stayed in the $30,000–$39,999 and $40,000–$49,999 zones for nearly 200 trading days each, establishing strong price memories. A similar pattern emerged for the $50,000–$70,000 range, intensifying throughout 2024 with significant consolidation activity observed in these bands.
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