Bitcoin has been able to maintain its price. stay above $110,000 The data from the blockchain shows that over the past weekend the top cryptocurrency remained above the three key support levels. Watch out for these critical levels in the coming weeks.
What are the next support levels for BTC?
Ali Martinez, a prominent cryptocurrency analyst and social media user on X took part in X’s X-to-Saturday event. offer The current Bitcoin pricing structure is revealed by on-chain analysis. This price analysis, based on the BTC UTXO Actualized Price Distribution (URPD), shows Bitcoin’s next support levels.
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A price level’s ability to serve as a support zone or resistance area on the blockchain is often determined by how many investors have set their cost basis for that level. A cryptocurrency’s actual cost is what an investor refers to when determining their basis.
The relevant indicator here—UTXO Realized Price Distribution—tracks the amount of a particular cryptocurrency that was acquired at a specific price level. Prices below current spot values with significant buying activity tend to be considered important support levels. While, price levels that are above current prices and have significant costs for investors act as resistance.
According to the graph above, the Bitcoin prices are likely to reach $108,250 in the near future, followed by $104,250 at $97,050. Glassnode data shows that almost 432,000 coins have been purchased in the $108,250 area, and approximately 401,000 coins around the $104,250 area. Around $97.054, 404,000 BTCs were purchased.
This is because investors will only invest in companies that they can trust. A cost-based basis is around these price levels Many people will increase their purchases and buy more coins. This increase in buying will therefore result in a higher price. The Bitcoin price can bounce back if it has a little cushion to keep it afloat.
The next significant resistance level for Bitcoin based on URPD is approximately $116,963. Investors (550,000 coins), who are around this price level, will likely close out their positions once the price returns back to the cost basis. This puts downward pressure on BTC’s price.
Bitcoin Price in a Glimpse
BTC is trading at $110 628 as of the time of writing. There has been no movement of any significance in the previous 24 hours. CoinGecko data shows the leading cryptocurrency up more than 1% over the past 7 days.
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Featured image is from iStock. Chart from TradingView
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Source: www.newsbtc.com
