Encryption analyst ALI Martinez has shared some important insights to the current BTC (BTC) market based on UTXO realization price distribution (URPD). The famous market expert used this metrics to emphasize the level of support and resistance, with a potentially strong impact on the immediate price movement of BTC.
Bitcoin prices remain integrated after a week, and have not been effective in more than $ 84,380.
Bitcoin Bull Run: There is a key to an optimistic optimism updated $ 97,532.
In the thermal chain analysis, UTXO (Unspent Transaction Output) represents the remaining bitcoin after all transactions that can be used as input in the new transaction. Therefore, UTXO can identify the price level that the analyst lasted lasted by Bitcoin’s current supply. UTXO emphasizes a high price level, so URPD is an important indicator for discovering resistance and support levels.
In Martinez’s X post on March 22, GlassNode data shows about $ 83,444 UTXO clusters. The current price of BTC is much higher than this level of support, which shows potential rise. But Martinez is waiting for the market for a stiff resistance at $ 97,532, which hosts a huge amount of UTXO.
Analysts explain that the successful approval of this resistance price will be a new strength in the BTC market, which has been modified for the last few months. In a very positive scenario, Bitcoin will surge in the new highs. However, if it does not exceed $ 97,532, it can be forced to maintain an integrated state or return to lower support levels.
Bitcoin parent to resume the rise?
In other developments, Martinez suggested that Bitcoin’s current correction is still in progress according to the ratio of Bitcoin Sharp. Depending on the situation, the Sharpe ratio decides whether the BTC’s revenue is worth the current risk level.
Analysts explain that the best market items occurred when the Bitcoin Sharpe ratio is low, and offers a favorable purchase opportunity. However, there is a high risk of suggesting that the current Sharpe ratio may have to be patient for potential BTC investors.
Martinez said:
We are not there yet, but if you get closer, the main purchase window can signal!
At the time of writing, BTC continues to trade at $ 84,075 with a 0.27%price increase over the last 24 hours. However, as the market participation fell, the daily trading volume of assets increased 46.41%.
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