Analysis: The $70,000-$80,000 range represents a weak zone for BTC prices, and the consolidation period may be prolonged.

Based on limited historical trading activity and on-chain supply, BTC price may consolidate further or retest lower ranges. Since the drop last weekend, Bitcoin's price has been confined between $70,000 and $79,999 for five consecutive days. Bitcoin has spent a total of approximately 35 days within this $10,000 price range, one of the shortest periods it has stayed in, suggesting that the price tends to move quickly through this area rather than establish sustained support or resistance. The price is more likely to consolidate within this range or move downwards again before establishing a more solid foundation. Last April, Bitcoin rebounded after only a few weeks below $80,000. Similarly, when it reached a high near $73,000 in March 2024, it spent a short time at that level before starting to decline. A prime example occurred in November 2024, when the price surged from approximately $68,000 to $100,000 within a few weeks, with virtually no consolidation in the $70,000 to $80,000 range. MicroStrategy (MSTR), Bitcoin's largest corporate holder, made only one purchase within this price range. On November 11, 2024, the company purchased 27,200 BTC for approximately $2 billion, at an average price of $74,463. Data shows a supply gap existing between $70,000 and $80,000, indicating that this area remains structurally weak. (CoinDesk)