Bitcoin trades in $55,000–$79,200 range; breakout requires reclaim of $72,000

Bitcoin is trading between the True Market Mean near $79,200 and the Realized Price around $55,000 in February, a pattern resembling early 2022 that signals rangebound conditions, Glassnode said in its February The Week Onchain report. A breakout would require reclaiming $79,200 or a drop below $55,000, with heavy overhead supply clustered between $82,000–$97,000 and $100,000–$117,000. Near-term price action remains pinned between support below $65,000 and resistance near $68,000, with a move above $72,000 needed to reopen upside toward the 20-day EMA near $76,000 and the 50-day moving average above $85,000. Alphractal's Joao Wedson noted whales are closing long positions and opening shorts relative to retail, reinforcing a cautious near-term outlook.