Bitcoin has experienced a slight decline in its market price over the past week, with a notable drop of 4.65% according to data from CoinMarketCap. However, crypto analyst Ali Martinez has identified a critical support zone that Bitcoin needs to surpass to avoid further losses. Martinez highlighted the importance of Bitcoin rising above $66,254 to prevent a potential decline to around $61,100. This analysis was based on the UTXO Realized Price Distribution (URPD) chart, which breaks down Bitcoin’s supply based on realized prices of unspent transaction outputs (UTXOs).
The URPD chart revealed that 504,619 BTC was purchased at $66,254, indicating a strong potential support level for Bitcoin. Additionally, the next significant support level was identified at $61,101, with 191,366 BTC acquired at that price. Currently, Bitcoin is trading at $66,151, showing a 1.15% decline in the last day. Despite this short-term decrease, Bitcoin has seen a 5.80% gain on the monthly chart, which is positive news for long-term traders.
While the general sentiment in the market is bearish, the fear and greed index stands at 74, indicating optimism and risk-taking behavior among investors. This suggests the potential for high market volatility in the near future. It’s important to note that cryptocurrency investments carry risks, and individuals are advised to conduct thorough research before making any investment decisions.
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