PANews reported on March 17 that according to Glassnode data, Bitcoin (BTC) currently has a significant supply gap in the $70,000 to $80,000 range. If it falls below $80K, the market may experience a rapid correction.

The price of Bitcoin jumped rapidly from $70K to over $80K in November last year due to Trump's election as the US president. The trading time in this range was extremely short, resulting in less holdings in this area and weak support . Currently, 20% of Bitcoin's supply is in a loss state , which means that the cost of these holdings is higher than the current price of $83K. If the market falls below $80K, the selling pressure may further intensify.

Data shows that short-term holders have sold about 100,000 BTC due to this round of correction, market demand is still weak, and Bitcoin has corrected 30% since its all-time high of $108K. If it falls below $80K, the market may seek support around $73K, which is the all-time high set in March 2024.