ChainThink report, March 4: According to CoinDesk, the Bitcoin price range between $72,000 and $80,000 represents a zone of thin supply. Data from Glassnode shows that relatively few BTC were transacted within this range during their last movement. Approximately only 1% of circulating BTC resides in this price band. With minimal long positions established in this region, market resistance is likely to be limited should prices begin breaking through. In practice, this implies that if Bitcoin successfully breaches $72,000, the move toward $80,000 could unfold relatively swiftly.

Historically, Bitcoin has spent very little time trading within the $72,000 to $80,000 range. In November 2024, following Donald Trump’s victory in the U.S. presidential election, Bitcoin surged rapidly with negligible volume accumulation in this range. Additionally, earlier this year, Bitcoin dropped from approximately $80,000 to $70,000 by early January, then further declined to around $60,000 on February 6—a drop completed within just a few days.

Supply dynamics can be observed through Glassnode’s Unrealized Profit/Loss Distribution (URPD) metric. URPD reflects the last known transaction price level of unspent transaction outputs (UTXOs), effectively mapping the acquisition cost basis of existing BTC holders. CoinDesk Research notes that during Bitcoin’s recent consolidation phase between $60,000 and $70,000, over 400,000 BTC were accumulated, indicating strong support beneath the current price level.