Analysis: Bitcoin falls into the $70000 to $80000 range, or faces severe fluctuations

The price of Bitcoin has recently fallen below $75000 twice, and has significantly decreased from its historical high of $109000 set on January 20th. According to Glassnode data, Bitcoin has entered a "gap zone" of $70000 to $80000, as the price has risen rapidly in this range without sufficient consolidation or correction. UTXO data shows that the supply of Bitcoin in this range is less than 2%, indicating that there are fewer circulating Bitcoin in the market and prices may fluctuate more violently. In addition, currently about 25% of Bitcoin holders are in a loss making state, mainly short-term investors who have bought in the past 5 months. Analysis suggests that Bitcoin needs to stabilize within this price range in order to take a clear direction towards the next step.