Bitcoin's $70,000 to $80,000 Price Range Shows Limited Historical Support
An analysis of five years of Bitcoin CME futures data reveals that the $70,000 to $79,999 price band is one of the least tested zones for consolidation and support. Bitcoin has spent only 28 trading days within this range, compared to 49 days in the $80,000 to $89,999 band and approximately 200 trading days in lower price bands such as $30,000 to $39,999 and $40,000 to $49,999. This suggests heavier historical testing of the lower ranges.
As of December, Bitcoin has been trading in the $80,000 to $90,000 range following a pullback from its all-time high reached in October. The $70,000 to $80,000 region remains less developed in terms of support, indicating a potential gap. Should another corrective phase occur, this zone could see the price spend more time consolidating, thereby establishing stronger support.
The findings are based on an assessment of daily open prices for Bitcoin CME futures, excluding weekends. The analysis focuses on how often Bitcoin began trading sessions within each price band, rather than intraday or closing prices.
