Last week, after the price of a price below $ 80,000, Bitcoin has experienced some market recovery in the last 48 hours, growing more than 7.5% to trade above $ 86,000. Between the rebounds of this market, Crypto market expert Ali Martinez has seen the most important support level for Premier Cryptocurrency at this time.
Bitcoin face ‘Air Gap’ below $ 83k – a breakdown may be cruel
In X post On Saturday, Martinez shared an esoteric insight on the bitcoin market. UTXO Realled Price Distribution (URPD) MT is used at high levels of all time, the analyst has identified $ 83,440 as the most important bitcoin support area.
Generally, URPD is an on-chain metric that shows price levels on which unexpected transactions output (UTXOS) finally moved, measuring how much transaction was done at different price levels. The URPD represents a price range each time on the chart, and the height of the bar indicates the number of BTC transacted at that level.
Therefore, URPD can be used to identify potential support and resistance levels because it will show that if a significant amount of BTC was acquired or sold at a specific price level.
According to Martinez’s analysis, URPD data of Glasanode suggests that investors converted this price level into a strong support area and acquired 171,693 BTC (0.87%of the total supply) at $ 83,440.72. The reason for this is that bitcoin bulls are likely to step into this level at this stage and acquire more BTC.
However, there is a notable air difference between $ 72,000 – $ 82,000 with a low level of UTXO recorded in this price range. Thus, a decisive decline below $ 83,440 will result in a decline in further price due to lack of demand in the demand for immediate low price.
Bitcoin RSI overtook the rebound Quest – more profit ahead?
In another Analysis In the BTC market, Martinez has indicated the possibility of the benefit of further price amid the ongoing price recovery. According to the Crypto expert, Bitcoin has historically recorded a value rebellion after its relative Shakti Index (RSI) below 30.
The RSI measures the speed of the price movements and determines whether a property is overbott (above 70) or oversold (below 30). Martinez says that the RSI of bitcoin has recently touched 24 in the oversold zone, which suggests a reversal to regain the previous high price levels according to historical data.
At the press time, the bitcoin trades at $ 86,383 after growing 2.32% in the last 24 hours. After the price improvement in the last week, BTC has a discount of $ 109,114 to 21.02% from its all time.
Specially displayed image from ISTock, chart from tradingview
