Bitcoin’s Wild Ride: Will It Crash or Soar? 🚀💸

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What to know:

  • In the wild west of cryptocurrency, Bitcoin has galloped up, leaving a gaping hole between $70,000 and $80,000.
  • Should it tumble below $80,000, expect a nosedive, with the last bastion of support huddled around $70,000.
  • About 20% of Bitcoin’s supply is currently nursing wounds, bought at prices higher than today’s $83,000.

As the Bitcoin (BTC) rollercoaster continues its descent, the specter of a price drop below $80K looms large. Glassnode’s analysis reveals that the $10K range beneath this threshold was a ghost town of economic activity last year. Talk about a party nobody wanted to attend!

In a twist of fate, BTC prices shot up from $70K to over $80K in early November, all thanks to the crypto-loving Donald Trump winning the U.S. Presidential election. But alas, during that brief window, not much Bitcoin changed hands, creating a “supply gap” that would make even the most seasoned cowboy raise an eyebrow, as shown in Glassnode’s UTXO Realized Price Distribution (URPD) chart.

This chart is like a ledger for the Bitcoin ranchers, tracking the price points where their precious UTXOs last made a move. Each bar tells a tale of how much Bitcoin was traded at specific prices, adjusted for the average purchase price of each entity. It’s a bit like figuring out who owes whom at the saloon after a long night of poker.

Bitcoin’s meteoric rise from the mid-$60K to over $100K post-election left scant supply in the $70K to $80K range, as it only lingered there for a few days. It’s like a fleeting mirage in the desert—beautiful but ultimately unattainable.

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2025-03-17 14:14