Analysis: If Bitcoin breaks above $72,000, it could quickly rise to $80,000

BlockBeats News, March 4th, according to CoinDesk, Bitcoin is in a supply-thin area between $72,000 and $80,000. According to Glassnode data, the amount of Bitcoin transacted in this range is relatively low. Only about 1% of the circulating Bitcoin is in this price range. Due to the small number of holders establishing positions in this range, if the price starts to break out of this area, the market may face limited resistance. In fact, this means that if Bitcoin successfully breaks $72,000, the move towards $80,000 could happen relatively quickly.

Historically, Bitcoin has spent very little time trading in the $72,000 to $80,000 range. In November 2024, when Trump won the U.S. presidential election, the price of Bitcoin surged rapidly, with little trading volume in that range. Additionally, earlier this year, Bitcoin dropped from about $80,000 at the end of January to $70,000, then further fell to around $60,000 on February 6, a decline that was completed in just a few days.

The supply dynamics can be observed through Glassnode's Unrealized Price Distribution (URPD) metric. URPD shows the price level at which the last movement of the current Unspent Transaction Outputs (UTXOs) occurred, effectively mapping the acquisition cost of existing Bitcoin holders. CoinDesk Research points out that during Bitcoin's consolidation phase in the $60,000 to $70,000 range, over 400,000 BTC have been absorbed, indicating strong support below the current price.