NEWSLETTER
After a price accident below $ 80,000 last week, bitcoin has experienced some market recovery in the last 48 hours, increasing by more than 7.5% to operate above $ 86,000. In the midst of this market bounce, the expert in the encryption market Ali Martínez has seen the most critical level of support for the main cryptocurrency at this time.
bitcoin Faces 'Air Gap' below $ 83k: a breakdown could be brutal
In a <a target="_blank" href="https://x.com/ali_charts/status/1895841202874019857″ target=”_blank” rel=”noopener nofollow”>x publication On Saturday, Martínez shared a disconcerting vision of the bitcoin market. Using the price distribution metric (URPD) UTXO divided into the historical maximums, the analyst has identified $ 83,440 as the most vital bitcoin support zone.
In general, the URPD is a metric in the chain that shows the prices levels in which the outputs of non -spent transactions (utxos) moved for the last time, measuring how much bitcoin was performed at different price levels. Each bar in the URPD graph represents a price range, and the height of the bar indicates the number of btc transactions at that level.
Therefore, the URPD can be used to identify possible 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 Martínez's analysis, Glassnode URPD data shows that investors acquired 171,693 btc (0.87% of the total supply) to $ 83,440.72, turning this price level into a strong support zone. This is because bitcoin Bulls is likely to intervene and acquire more btc at this level in any case of a new test.
However, there is a remarkable air space between $ 72,000 and $ 82,000 with low UTXO levels registered in this price range. Therefore, a decisive drop below $ 83,440 will result in a greater price decrease due to lack of demand in the lowest immediate prices.
bitcoin RSI Backs Rebound Quest – More profits ahead?
In another <a target="_blank" href="https://x.com/ali_charts/status/1895942621308338680″ target=”_blank” rel=”noopener nofollow”>analysis of analysis In the btc market, Martínez has suggested the potential of higher price profits amid the continuous price recovery. According to the encryption expert, bitcoin has historically recorded a price bounce after its relative force index (RSI) was below 30.
The RSI measures the impulse of price movements and determines whether an asset is overloaded (above 70) or overall (below 30). Martínez states that bitcoin's RSI has recently touched 24 in the overall area, suggesting that a rebound to claim previous high prices levels can occur according to historical data.
At the time of the publication, bitcoin is traded at $ 86,383 after increasing by 2.32% in the last 24 hours. After the prices correction last week, btc remains at 21.02% discount of its all time at $ 109,114.
Istock's prominent image, TrainingView graphics
