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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin tends to outperform gold and stocks after global shocks, Mercado Bitcoin finds
According to a study from Mercado Bitcoin, Bitcoin outperformed gold and the S&P 500 in the aftermath of major global crises, displaying stronger returns during economic shocks. Despite its volatility, it has shown resilience and growth during turbulent times.
CoinDesk1h ago
BTC Consolidates At $67,105 As Renewed Whale Accumulation Sparks Bitcoin Breakout Hopes
Bitcoin (BTC) is attracting serious attention from big investors, according to a market observation disclosed today by analyst Ali Martinez. The analyst shared data on X, revealing that whales have accumulated a total of 10,000 BTC over the past 72 hours, a clear signal that high-net-worth investors
BlockChainReporter1h ago
Jimmy Song explains why Bitcoin needs a 'conservative' node client
The Bitcoin (BTC) network needs a “conservative” Bitcoin client node software implementation to preserve its monetary properties and strengthen network decentralization, according to Jimmy Song, co-founder of ProductionReady, a non-profit organization funding open source Bitcoin node software
Cointelegraph2h ago
Ex-UK Chancellor backs bitcoin as alternative to failing systems
Kwasi Kwarteng, the former UK Chancellor, reflects on his short tenure and the missteps of the mini-budget while advocating for long-term economic thinking. He now focuses on bitcoin and monetary innovation as part of his role with Stack BTC.
CoinDesk3h ago
Solana Holds Key Support as Bitcoin Rally Lifts Crypto Market
Solana's price remained above $80 amid rising Bitcoin values, contributing to a broader crypto market recovery with a capitalization of $2.35 trillion. Institutional demand and easing geopolitical tensions supported this growth, while Solana led in decentralized finance activity, recording significant DEX and stablecoin volumes in March.
CryptoNewsLand4h ago
