The encryption analyst, Ali Martinez, shared some important ideas in the current Bitcoin (BTC) market based on the distribution of the price achieved for UTXO (URPD). Using this scale, the famous market expert highlighted the main support and resistance levels with a potentially strong impact on the instant price movement of BTC.
Another week of uncertainty in the market, bitcoin prices remain in a state of unification, and a failure to achieve an effective outbreak exceeding $ 84,380.
Bitcoin Bull Run: 97,532 dollars carrying a key to renovating the bullish momentum
In the analysis on the chain, Utxo is the rest of the bitcoin after each transaction that can be used as an entrance in a new treatment. Therefore, the distribution of price investigators to UTXO allows analysts to determine the price levels that have been transferred to the current bitcoin offer. By highlighting the price levels with high concentrations of UTXOS, URPD is an important measure in discovering and supporting resistance levels.
in X post On March 22 by Martinez, data from Glassnode shows a strong set of UTXOS about $ 83,444, indicating that many investors have a cost basis around this level. Currently, the BTC price is much higher than this support level that shows the potential lighting intention. However, Martinez notes that the harsh resistance awaits the bulls in the market at the price level 97,532 dollars, which also hosts a wide amount of UTXOS.
The analyst explains that this successful clearance of this resistance price level would refer to a renewed bullish momentum in the BTC market, which has witnessed a great correction in the past few months. In a very positive scenario, Bitcoin is likely to rise towards its highest new levels ever. However, the failure to exceed 97,532 dollars may force BTC to stay uniformity or even recover low support levels.
Bitcoin breeding to resume the upward trend?
In other developments, Martinez suggested that the current Bitcoin correction is most likely continuing based on the percentage of Bitcoin Sharpe. As for the context, the Sharpe percentage determines whether BTC revenues are currently worth the level of time risk at the present time.
analyst Explain The best market entries occurred when the Bitcoin Sharpe ratio is at low risk, providing a favorable purchase opportunity. However, the current Sharpe percentage indicates a high risk indicating that potential BTC investors may need patience.
Martinez said:
We are not there yet, but approaching may indicate a preliminary purchase window!
At the time of writing this report, BTC continues trading at $ 84.075 after an increase in the price of 0.27 % in the past 24 hours. However, the daily trading volume of assets decreased by 46.41 % with a decrease in market participation.
Distinctive image from Morningstar, TradingView graph
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