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Data indicates an exceptionally slim supply between $72,000 and $80,000, implying minimal resistance in that range.
URPD (Glassnode)
Key points:
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- Data from Glassnode reveals that approximately 1% of bitcoin’s circulating supply is located between $72,000 and $80,000, forming a low resistance area often termed an “air pocket.”
- Research from CoinDesk indicates that over 400,000 BTC were gathered within the $60,000 to $70,000 range during the latest decline, potentially bolstering support beneath current price levels.
The “air pocket” for bitcoin is again gaining attention as the leading cryptocurrency by market capitalization climbed on Wednesday to just under $72,000.
This air pocket signifies a sparse supply zone between $72,000 and $80,000, where relatively few bitcoins have exchanged hands, based on information from Glassnode.
Only about 1% of the circulating bitcoin supply resides within this price range. Due to the limited number of holders who have set positions there, the market may face reduced resistance should prices start to move through this area. Essentially, this indicates that if bitcoin breaks above $72,000 decisively, the progression toward $80,000 could unfold swiftly.
Historically, bitcoin has spent minimal time trading in the range of $72,000 to $80,000. One notable instance occurred in November 2024 when prices surged rapidly following Donald Trump’s U.S. presidential election win, swiftly passing through this zone with little trading volume formation.
Another example took place earlier this year when bitcoin declined from approximately $80,000 to $70,000 at the end of January, subsequently dropping further to around $60,000 by February 6, a decrease that transpired over only a few days.
The supply dynamics can be observed through Glassnode’s Realized Price Distribution (URPD) metric. URPD illustrates the price levels at which the current set of unspent transaction outputs were last transacted, effectively charting where existing bitcoin holders acquired their assets.
CoinDesk Research notes that during the recent consolidation of bitcoin between $60,000 and $70,000, more than 400,000 BTC were gathered, indicating strong support beneath the present price levels.
