PANews February 4th News, according to CoinDesk, Bitcoin prices have been consolidating in the $70,000 to $80,000 range for five days. This price band has a very short trading history, totaling only about 35 days, lacking solid historical support or resistance levels, which could make it a sustained consolidation zone or face downward testing pressure. Data shows that the on-chain supply structure within this range is weak. The largest corporate holder, Strategy, has only made one large-scale purchase within this range, which was in November 2024, when they bought 27,200 BTC at an average price of approximately $74,463. Historical market data also indicates that Bitcoin often quickly breaks through this zone, such as after the November 2024 US election, when the price surged from $68,000 to $100,000 within a few weeks, without forming an effective consolidation here.
Analysts point out that the longer the price stays within a certain range, the more the accumulated holdings may turn into stronger support. The current situation suggests that Bitcoin may continue to consolidate within this range or test the lower boundary again before establishing a more solid foundation.
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