Bitcoin Eyes $75K-$85K Range Amidst Volatility

Bitcoin's price action has been a subject of intense scrutiny in recent weeks, with analysts and investors alike trying to predict its next move. Galaxy Research Director Alex Thorn has weighed in on the matter, suggesting that the cryptocurrency may retest the $75,000 to $85,000 range in the near future.

Thorn's analysis is based on the supply last moved at price (URPD) from Bitcoin, which indicates that there was almost no trading activity between $75,000 and $85,000 when the price quickly broke through this range in November. This suggests that the market may want to test this range again, as there is still untapped demand in this price zone.

The 200-day Moving Average (MA) is currently at $81,600, and if the price retraces to this range, it may provide support for Bitcoin. This is because the 200-day MA is a widely watched indicator that can act as a dynamic support or resistance level, depending on the direction of the trend.

It is worth noting that Bitcoin's price has been highly volatile in recent months, with sharp swings in both directions. This volatility has made it difficult for analysts to predict the cryptocurrency's next move with any degree of certainty. However, Thorn's analysis suggests that there is still significant demand for Bitcoin at higher price levels, which could provide support for the cryptocurrency in the event of a pullback.

As always, investors should exercise caution when interpreting technical analysis and should not rely on any single indicator to make investment decisions. The cryptocurrency market is highly dynamic and unpredictable, and it is important to stay informed about the latest developments and trends.