Bitcoin 'air pocket' above $72,000 could mean quick run to $80,000
TL;DR
Bitcoin's 'air pocket' above $72,000, where only 1% of supply sits, suggests limited resistance for a quick run to $80,000. Strong accumulation below $70,000 provides support, while crypto stocks rallied as BTC briefly topped $72,000.
Key Takeaways
- •Only 1% of Bitcoin's circulating supply sits between $72,000 and $80,000, creating a low-resistance 'air pocket' that could allow rapid price movement.
- •Over 400,000 BTC were accumulated between $60,000 and $70,000 during recent consolidation, strengthening support below current price levels.
- •Bitcoin has historically spent little time trading in the $72,000-$80,000 range, with previous instances showing rapid price movement through this zone.
- •Crypto-related stocks surged 8-12% as Bitcoin briefly climbed above $72,000, testing a key resistance level that has capped recent rallies.
- •The supply dynamics are visible through Glassnode's URPD metric, which maps where existing Bitcoin holders acquired their coins.
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What to know:
- Glassnode data shows roughly just 1% of bitcoin’s circulating supply sits between $72,000 and $80,000, creating a low resistance zone often referred to as an “air pocket.”
- CoinDesk Research notes more than 400,000 BTC were accumulated between $60,000 and $70,000 during the recent pullback, potentially strengthening support below current levels.
- Glassnode data shows roughly just 1% of bitcoin’s circulating supply sits between $72,000 and $80,000, creating a low resistance zone often referred to as an “air pocket.”
- CoinDesk Research notes more than 400,000 BTC were accumulated between $60,000 and $70,000 during the recent pullback, potentially strengthening support below current levels.
Bitcoin’s “air pocket” is once again coming into focus as the largest cryptocurrency by market capitalization rose on Wednesday to just below $72,000.
The air pocket refers to a thin area of supply between $72,000 and $80,000, where relatively few coins last changed hands, according to data from Glassnode.
Roughly just 1% of the circulating bitcoin supply sits within this range. Because so few holders established positions there, the market may encounter limited resistance if prices begin moving through the zone. In practical terms, that means if bitcoin pushes decisively above $72,000, the move toward $80,000 could occur relatively quickly.
Historically, bitcoin has spent very little time trading in $72,000 to $80,000 region. One instance came in November 2024, when prices surged rapidly after Donald Trump’s U.S. presidential election victory, quickly moving through the range without forming much trading volume.
A second example occurred earlier this year, when bitcoin fell from around $80,000 to $70,000 at the end of January, before sliding further to roughly $60,000 by Feb. 6, a decline that unfolded over just a few days.
The supply dynamics are visible through Glassnode’s Realized Price Distribution (URPD) metric. URPD shows the price levels at which the current set of unspent transaction outputs were last moved, effectively mapping where existing bitcoin holders acquired their coins.
CoinDesk Research notes that during bitcoin’s recent consolidation between $60,000 and $70,000, more than 400,000 BTC were accumulated, showing strong support below current levels.
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- Crypto-related stocks rallied at the open of Wednesday's U.S. session as bitcoin briefly climbed above $72,000 for the first time in nearly a month.
- COIN, MSTR, GLXY, HOOD surged 8%-12%, with miners BITF, HUT, IREN also bouncing.
- Bitcoin's move into the closely watched $70,000 to $72,000 range, which has capped recent rallies, is a key test of whether the latest advance can be sustained.
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