TechFlow news, March 17 — According to CoinDesk, Glassnode on-chain analysis shows that Bitcoin's (BTC) current price pullback could accelerate if it falls below $80,000, due to weak economic activity in this price range at the end of last year.
In early November 2024, following pro-crypto Donald Trump’s U.S. presidential election victory, Bitcoin surged rapidly from $70,000 to above $80,000. The swift rally meant very few transactions occurred within this range, creating a so-called "supply gap," clearly visible on Glassnode’s UTXO Realized Price Distribution (URPD) chart.
As Bitcoin rocketed from $60,000 to over $100,000 in mid-2024, trading within the $70,000–$80,000 range lasted only a few days, resulting in minimal supply accumulation. In other words, far fewer buyers entered positions in this price band compared to other levels. Consequently, if the price drops below $80,000, the market may lack sufficient support until reaching $73,000—the historical peak set in March 2024.
Additionally, as Bitcoin consolidates above $80,000, approximately 20% of its total supply is currently underwater—meaning these holdings were purchased at prices higher than the current level of $83,000. These wallets may increase selling pressure once the price breaks below $80,000, accelerating the decline. Due to the ongoing correction, short-term holders have already sold around 100,000 BTC. Sparse supply and weakening demand have already driven Bitcoin down 30% from its all-time high of $108,000.
