Analysis: Bitcoin's support level in the $70,000 to $80,000 range is weak and may need further consolidation.

PANews reported on December 25th that, according to CoinDesk, based on CME Bitcoin futures trading data from the past five years and Glassnode's UTXO realized price distribution (URPD) analysis, Bitcoin's historical price support in the $70,000 to $80,000 range is relatively weak, having remained there for only 28 trading days, making it one of the price ranges with the least historical consolidation and support.

In contrast, Bitcoin has remained in the $30,000-$40,000 and $40,000-$50,000 ranges for nearly 200 trading days each, indicating stronger support in these ranges. Data shows that Bitcoin is currently trading in the $80,000-$90,000 range, and the historical support for this price range is relatively weak, lasting only 49 trading days.

Furthermore, Glassnode data shows that Bitcoin supply concentration is low in the $70,000 to $80,000 range, further confirming the weakness of support in this range. If Bitcoin experiences another pullback in the future, the $70,000 to $80,000 range may need more time to consolidate in order to establish stronger structural support.