After a price failure below USD 80,000 last week, Bitcoin has experienced some market recovery in the last 48 hours, rising by more than 7.5% to trade above USD 86,000. Among this market reflection, the cryptographic market expert Ali Martinez has now noticed the most essential level of support for cryptocurrency.
Bitcoin stands on “Gapa Air Gap” below $ 83,000 – the failure can be brutal
IN X Post On Saturday, Martinez divided the mysterious insight into the Bitcoin market. Using the UTXO price distribution (URPD) partitioned at the highest levels, the analyst identified USD 83,440 as the most essential Bitcoin support zone.
In general, URPD is a measure in a chain that shows the price levels at which the unreleased transaction results (UTXOS) have recently been moved, thus measuring bitcoin transactions at various price levels. Each belt on the URPD chart is a price range, and the height of the belt indicates the number of BTC transactions at this level.
Therefore, URPD can be used to identify potential levels of support and resistance, as it would show if a significant amount of BTC was acquired or sold at a specific price level.
According to Martinez analysis, URPD data from Glassnode show that investors have acquired 171 693 BTC (0.87% of total supply) into USD 83,440.72, transforming this price level into a powerful support zone. This is due to the fact that Bitcoin Bulls will probably enter and acquire more BTC at this level at each case of the re -test.
However, there is a significant air gap between 72,000 to USD 82,000 with a low UTXO level recorded in this price range. Thus, a decisive decrease below USD 83,440 will result in a further decrease in price due to lack of demand in direct lower price ranges.
Bitcoin RSI Backs Rebound Quest – more profits at the front?
In another Post of the analysis On the BTC market, Martinez suggested the potential of further price benefits to recover prices. According to the cryptographic expert, Bitcoin historically noted the reflection of prices after his relative strength rate (RSI) fell below 30.
RSI measures the price of price movements and determines whether the resource is purchased (above 70) or sold out (below 30). Martinez states that RSI Bitcoin has recently affected 24 in the Oversold zone, which suggests that the reflection in order to regain previous high levels of price may occur in accordance with historical data.
During the Bitcoin press, it trades at USD 86,383 after an augment of 2.32% in the last 24 hours. After the price correction last week, BTC remains a 21.02% discount in relation to their all -time are USD 109,114.
Recommended photo from Istock, chart from TradingView
