Bitcoin bearish sentiments continue to dominate the market, after prices fell below the key $80,000 on January 31, resulting in a new wave of market liquidations. Interestingly, a pseudonymous analyst with the username CryptoMe has identified an “air pocket” in the present price structure, which potentially points to the downside target of this recent price drop.
Bitcoin Now Below $80K Support Zone – What Next?
In a QuickTake post on January 31, CryptoMe draws attention to an existing price vacuum between $73,000 – $80,000 as confirmed by three different market metrics. This observation is important in anticipating Bitcoin downside targets, considering the presently heightened market fears following the latest price decline.
According to CryptoMe, liquidity levels on the Binance spot order book showed a concentration of limit buy orders between $73,000 – $80,000 that formed between late October and early November. Despite the price surge from $80,000 to around $100,000 seen in late Q4 2025, the liquidity cluster price zone remained untouched. Therefore, the zone is likely to act as a short-term price magnet should bearish momentum persist, as markets often gravitate toward areas of unfilled liquidity during periods of heightened volatility.
Another on-chain metric that supports the existence of an air pocket between $73,000 – $80,000 is the Unspent Transaction Output (UTXO) price histogram. Each Bitcoin transaction consumes existing UTXOs and creates new ones; therefore, UTXOs are a good measure of on-chain transaction activity. As seen in the chart above, the sparse UTXO density between $73,000 and $80,000 suggests that a small number of transactions occurred within this price range. Thus, investors failed to establish a cost basis that would prevent further price decline, as prices have now slipped below $80,000.
The final metric highlighted by CryptoMe is the Spot ETF Investor Average Cost, which currently stands at $79,000. Following the launch of the Bitcoin Spot ETFs in January 2024, Bitcoin has failed to trade below its realized price until now. Considering all three metrics, it’s likely that Bitcoin is headed for the $73,000 price mark, which the market has not visited since April 2025. Moreover, such a decline would represent a 40% devaluation from the present market all-time high.
Bitcoin Price Overview
At the time of writing, Bitcoin trades at $78,558, reflecting a 6.5% increase in the last 24 hours. Meanwhile, total trading volume is up by 37.15% and valued at $74.67 billion.