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
This week, US Bitcoin spot ETFs accumulated net inflows of $93.1 million
Gate News reported that on March 21, according to Farside monitoring data, this week the US Bitcoin spot ETF accumulated net inflows of 93.1 million dollars.
GateNews14m ago
A certain CEX launched on-chain shares of a Bitcoin yield fund, deployed on Ethereum Layer 2 network
A certain CEX's asset management department has launched tokenized shares of a Bitcoin yield fund in collaboration with Apex Group, targeting non-US investors and adopting the ERC-3643 standard to achieve automated compliance. Institutions are accelerating asset tokenization to improve efficiency and reduce costs.
GateNews1h ago
Listed London tech company The Smarter Web Company included in FTSE UK Index Series, holding 2695 Bitcoin
The Smarter Web Company was included in the FTSE UK Index Series on March 20th. The CEO stated this would attract passive capital inflows and strengthen the institutional shareholder base. The company maintains a solid capital structure and holds 2695 bitcoins.
GateNews1h ago
Trader James Wynn opened a 40x leveraged BTC short position on HyperLiquid with a liquidation price of $71,112.48
Gate News reports that on March 21, Lookonchain monitoring showed that trader James Wynn has recently resumed activity in on-chain transactions. After claiming 1,654 USDC in referral rewards, he deposited 3,911 USDC into HyperLiquid, and subsequently opened a short position of 2.69 BTC (approximately $190,000) with 40x leverage, with a liquidation price of $71,112.48.
GateNews2h ago
