Bitcoin could be preparing for a sharp upward move, as on-chain data suggests there is very little supply in the $72,000-$80,000 price range. This thin supply zone means that if BTC manages to maintain strength above $72,000, the path toward $80,000 could face limited resistance, potentially accelerating the next phase of the rally.
Only 1% of Bitcoin Supply Concentrated in Key Range
A recent analysis of Glassnode data shows Bitcoin could soon surge to the $80,000 region. A look at Glassnode’s Realized Price Distribution metric shows that only about 1% of Bitcoin’s circulating supply currently sits between $72,000 and $80,000, suggesting relatively little resistance in this range.
This thin supply zone suggests that if buying pressure increases and bulls push Bitcoin above $72,000, the lack of significant sell-side liquidity could allow BTC to move quickly toward $80,000. With fewer holders in this price band, there may be limited overhead supply to slow the rally.
Meanwhile, it is worth noting that BTC has previously moved quickly through the $72,000 to $80,000 range. Interestingly, during Donald Trump’s U.S. presidential election victory in November 2024, Bitcoin surged through this price region with little trading volume, showing how quickly the asset can climb when there is little resistance.
Market Volatility and Investor Behavior
Bitcoin, which is now preparing for a potential swift surge toward $80,000, recently rallied rapidly from $64,000 to briefly touch $74,000, marking an impressive 15% price increase within a short period.
The surge was particularly notable because it occurred amid escalating geopolitical tensions in the Middle East, where Iran and the United States have continued to carry out airstrikes against each other, rattling global financial markets. Even more concerning for global markets is Iran’s recent move to barricade the Strait of Hormuz, a critical waterway through which a significant portion of the world’s oil supply passes.
According to analytics firm Santiment, global uncertainty has triggered widespread FUD across the market, leading many retail investors to panic-sell and capitulate. However, Santiment note that this same environment created an opportunity for whales and institutional investors to accumulate Bitcoin at discounted prices, which led to the recent price surge.
Market Sentiment Remains Focused on Breakout Potential
Despite ongoing global uncertainty, analysts continue to monitor Bitcoin’s structure for signs of a breakout. The thin supply zone between $72,000 and $80,000 has become a focal point for traders anticipating a rapid move higher.
While Glassnode data highlights the $72,000 region as a crucial level for bulls to hold to validate a move toward $80,000, market expert Ted Pillows offers a slightly broader perspective. According to him, the $70,000 level remains the key support zone that must hold for bulls to stay in line for further upside. According to CoinMarketCap, Bitcoin is trading around $73,000 and is up 2.5% over the past 24 hours.
However, as BTC trades near these key levels, market participants are closely watching to see if history repeats itself and pushes Bitcoin toward $80,000 once again, especially if bullish momentum continues to strengthen.
The CoinRemark Team
Evans Kelvin
