Analysis: If Bitcoin breaks through 72,000 USD, it may quickly rise to 80,000 USD

According to CoinDesk, Bitcoin is in a supply-thin area between $72,000 and $80,000. Data from Glassnode shows that the number of Bitcoins traded in this range is relatively low. Only about 1% of the circulating Bitcoins are in this price range.

Due to the few holders who established positions in this range, if the price begins to break through this area, the market may encounter limited resistance. In fact, this means that if Bitcoin successfully breaks through $72,000, the move towards $80,000 could be relatively quick. Historically, Bitcoin has spent very little time trading in the $72,000 to $80,000 range.

In November 2024, after Trump won the U.S. presidential election, the price of Bitcoin surged rapidly, with almost no trading volume forming in that range. Additionally, earlier this year, Bitcoin fell from about $80,000 to $70,000 at the end of January, and then further declined to around $60,000 on February 6, with this drop occurring in just a few days.

Supply dynamics can be observed through Glassnode's Unspent Transaction Output (UTXO) Realized Price Distribution (URPD) metric. The URPD shows the price levels at which current unspent transaction outputs last moved, effectively mapping the acquisition costs of existing Bitcoin holders. CoinDesk Research points out that during Bitcoin's recent consolidation in the $60,000 to $70,000 range, over 400,000 BTC were absorbed, indicating strong support below the current price.