Bitcoin faces thin supply between $72,000 and $80,000, setting stage for a potentially rapid move higher

Bitcoin is trading against a thin supply band between $72,000 and $80,000, with Glassnode data cited by CoinDesk on March 4 indicating that only about 1% of circulating BTC last changed hands in this range. ChainThink reports that, because relatively few holders acquired coins at these levels, the market could see limited resistance if the price pushes through $72,000, allowing a move toward $80,000 to develop quickly. CoinDesk Research also highlights Glassnode's Unrealized Profit/Loss Distribution metric, which shows that during Bitcoin's recent consolidation between $60,000 and $70,000, more than 400,000 BTC were absorbed, suggesting notable support below current prices. Historically, Bitcoin has spent little time trading between $72,000 and $80,000, including during sharp moves around the November 2024 U.S. election and the swift decline from around $80,000 to approximately $60,000 by February 6.