The price stroke during Bitcoin (BTC) could accelerate below $ 80,000, because chain analysis per Glassnode indicates that the price range of $ 10,000 under this level was marked by a low economic activity at the end of last year.
BTC prices quickly increased from $ 70,000 to more than $ 80,000 in early November after the professional crypto Donald Trump won the American presidential election. Consequently, very little BTC has changed hands between these levels, leaving a so-called “supply gap”, as shown in the UTXO graphic made of the prices made (URPD) of Glassnode.
This metric follows the prices to which Bitcoin UTXOS existing has been moved for the last time. Each bar represents the Bitcoin volume that has changed the hands in a specific price range. The data is adjusted to the entity, which means that it attributes an average purchase price for each entity, categorizing its complete balance accordingly.
Bitcoin rapid thrust from $ 60,000 to more than $ 100,000 after Donald Trump’s US electoral victory left a small accumulation of supplies from $ 70,000 to $ 80,000, because it was only negotiated a few days between these levels.
In other words, the total number of merchants with acquisition prices between $ 70,000 and $ 80,000 is probably much lower than other levels. Thus, a movement of less than $ 80,000 will probably see very little chance of good deal with holders who seek to buy more at their acquisition costs, thus guaranteeing little support before $ 73,000, the high level of all time in March 2024.
In addition, as Bitcoin is currently consolidating above $ 80,000, around 20% of the total offer is currently at a loss, which means that these assets have been bought above the current price of $ 83,000. These portfolios could add to the sale pressure of less than $ 80,000, leading to a rapid slide.
Glassnode data shows that around 100,000 BTCs were sold by short -term holders due to prices correction. While the lack of supply and current lukewarm demand have already contributed to the 30% bitcoin decline in its $ 108,000 summit.
