Analysts say that if Bitcoin enters another correction phase, it needs to consolidate in the $70,000-$80,000 range for an extended period to establish support.

[Analyst: If Bitcoin Enters Another Correction Phase, It Needs to Consolidate for an Extended Period in the $70,000-$80,000 Range to Establish Support] According to Mars Finance, on December 25th, CoinDesk analyst James Van Straten stated that Bitcoin's relatively short stay in the $70,000-$80,000 range, at only 28 trading days, makes this price range one of the least developed in terms of historical consolidation and support. Since its all-time high in October, Bitcoin traded in the $80,000-$90,000 range for most of December. This pullback has pulled the price back to a range where the market has spent relatively little time in its history, especially compared to most of 2024, when Bitcoin spent more trading days in the $50,000-$70,000 range. This uneven distribution suggests that support in the $80,000 range, and even the $70,000-$79,999 range, is not as strong as in lower price ranges. URPD data shows a significant shortage of Bitcoin supply in the $70,000-$80,000 range, consistent with futures data. Both sets of data suggest that if Bitcoin enters another correction phase, the $70,000 to $80,000 range may be a reasonable area where the price needs more time to consolidate and establish stronger support.