{"id":624833,"date":"2024-06-15T18:00:12","date_gmt":"2024-06-15T18:00:12","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=624833"},"modified":"2024-06-15T11:20:13","modified_gmt":"2024-06-15T11:20:13","slug":"analyst-pinpoints-critical-support-zone-for-bitcoin","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/bitcoin\/analyst-pinpoints-critical-support-zone-for-bitcoin\/","title":{"rendered":"Analyst Pinpoints Critical Support Zone For Bitcoin"},"content":{"rendered":"

According to data from CoinMarketCap<\/a>, Bitcoin has had an unimpressive week with its market price falling by 4.65% over the last seven days. However, prominent crypto analyst Ali Martinez has released a price alert indicating that the market leader could be set for more losses if it fails to secure a certain support zone.<\/span><\/p>\n

Related Reading: Bitcoin Crashes To $65,000, Expert Unpacks Drivers Of Crypto Market Bloodbath<\/a><\/div>\n

Bitcoin URPD Chart Shows Potential Correction – Analyst<\/strong><\/h2>\n

In an X post on June 15<\/a>, Martinez stated that Bitcoin needs to quickly rise above $66,254 else it risks a potential decline to around the $61,100 price mark. Martinez based his theory on the UTXO Realized Price Distribution (URPD) chart generated by the data analytics platform Glassnode.<\/span><\/p>\n

\n

#Bitcoin<\/a> needs to climb back above $66,254 quickly to avoid a potential correction down to $61,100! pic.twitter.com\/WMr7jcAVJU<\/a><\/p>\n

\u2014 Ali (@ali_charts) June 14, 2024<\/a><\/p><\/blockquote>\n

For context,\u00a0 an unspent transaction output (UTXO)<\/a> refers to units of Bitcoin that are unspent after a transaction. Each UTXO has a realized price i.e. the price the market price at the time of UTXO was transacted.\u00a0<\/span>In a UTXO Realized Price Distribution chart, Bitcoin\u2019s supply is broken down based on the realized prices of UXTOs showing how much BTC was acquired at different levels.\u00a0<\/span><\/p>\n

This data can be used to study market sentiment, distribution analysis as well as support and resistance levels. More importantly, investor behavior can also be studied as a high concentration of UTXOs indicates levels at which most investors bought Bitcoin which can translate into a potential resistance or support level.\u00a0<\/span><\/p>\n

\"Bitcoin\"
Source: Ali Martinez<\/figcaption><\/figure>\n

According to the URPD chart shared by Martinez, 504,619 BTC was purchased at $66,254 thus indicating a strong potential to serve as a support for Bitcoin amidst its current downtrend. <\/span>Furthermore, the next realized price with the highest number of Bitcoin (191,366) bought is $61,101 representing the next support level should the premier cryptocurrency fail to reclaim the $66,254 price mark.
\n<\/span><\/p>\n

Related Reading: Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise \u2014 QCP Capital<\/a><\/div>\n

Bitcoin Price Overview<\/strong><\/h2>\n

At the time of writing, Bitcoin trades at $66,151 reflecting a price decline of 1.15% in the last day. In tandem, the BTC\u2019s daily trading volume is also down by 5.54% and valued at $25.4 billion. However, Bitcoin remains in the green on the monthly chart with a 5.80% gain which is a notable positive, especially for long-term traders.\u00a0<\/span><\/p>\n

According to Coincodex,<\/a> the general sentiment is bearish nevertheless, the fear and greed index stands at 74 which indicates current optimism as well as risk-taking behavior among investors which highlights a potential for high market volatility.<\/span><\/p>\n

\"Bitcoin\"
BTC trading at $66.269 on the 4-hour chart | Source: BTCUSDT chart on Tradingview.com<\/figcaption><\/figure>\n
Featured image from BBC, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

According to data from CoinMarketCap, Bitcoin has had an unimpressive week with its market price falling by 4.65% over the last seven days. However, prominent crypto analyst Ali Martinez has released a price alert indicating that the market leader could be set for more losses if it fails to secure a certain support zone. Related Reading: Bitcoin Crashes To $65,000, Expert Unpacks Drivers Of Crypto Market Bloodbath Bitcoin URPD Chart Shows Potential Correction – Analyst In an X post on June 15, Martinez stated that Bitcoin needs to quickly rise above $66,254 else it risks a potential decline to around the $61,100 price mark. Martinez based his theory on the UTXO Realized Price Distribution (URPD) chart generated by the data analytics platform Glassnode. #Bitcoin needs to climb back above $66,254 quickly to avoid a potential correction down to $61,100! pic.twitter.com\/WMr7jcAVJU \u2014 Ali (@ali_charts) June 14, 2024 For context,\u00a0 an unspent transaction output (UTXO) refers to units of Bitcoin that are unspent after a transaction. Each UTXO has a realized price i.e. the price the market price at the time of UTXO was transacted.\u00a0In a UTXO Realized Price Distribution chart, Bitcoin\u2019s supply is broken down based on the realized prices of UXTOs showing how much BTC was acquired at different levels.\u00a0 This data can be used to study market sentiment, distribution analysis as well as support and resistance levels. More importantly, investor behavior can also be studied as a high concentration of UTXOs indicates levels at which most investors bought Bitcoin which can translate into a potential resistance or support level.\u00a0 According to the URPD chart shared by Martinez, 504,619 BTC was purchased at $66,254 thus indicating a strong potential to serve as a support for Bitcoin amidst its current downtrend. Furthermore, the next realized price with the highest number of Bitcoin (191,366) bought is $61,101 representing the next support level should the premier cryptocurrency fail to reclaim the $66,254 price mark. Related Reading: Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise \u2014 QCP Capital Bitcoin Price Overview At the time of writing, Bitcoin trades at $66,151 reflecting a price decline of 1.15% in the last day. In tandem, the BTC\u2019s daily trading volume is also down by 5.54% and valued at $25.4 billion. However, Bitcoin remains in the green on the monthly chart with a 5.80% gain which is a notable positive, especially for long-term traders.\u00a0 According to Coincodex, the general sentiment is bearish nevertheless, the fear and greed index stands at 74 which indicates current optimism as well as risk-taking behavior among investors which highlights a potential for high market volatility. Featured image from BBC, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":624837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,88375,1144,78790,92105,16986],"class_list":["post-624833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-urpd","tag-btcusd","tag-btcusdt","tag-urpd","tag-utxo"],"acf":[],"yoast_head":"\nAnalyst Pinpoints Critical Support Zone For Bitcoin<\/title>\n<meta name=\"description\" content=\"Ali Martinez has released a price alert indicating that bitcoin could be set for more losses if it fails to secure a certain support zone.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/www.uniquehot.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Pinpoints Critical Support Zone For Bitcoin","url":"http:\/\/www.uniquehot.com\/news\/bitcoin\/analyst-pinpoints-critical-support-zone-for-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.uniquehot.com\/news\/bitcoin\/analyst-pinpoints-critical-support-zone-for-bitcoin\/"},"thumbnailUrl":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/06\/117317842_065760657.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/06\/117317842_065760657.jpg?fit=976%2C549"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin urpd","btcusd","btcusdt","urpd","utxo"],"dateCreated":"2024-06-15T18:00:12Z","datePublished":"2024-06-15T18:00:12Z","dateModified":"2024-06-15T18:00:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Pinpoints Critical Support Zone For Bitcoin\",\"url\":\"http:\\\/\\\/www.uniquehot.com\\\/news\\\/bitcoin\\\/analyst-pinpoints-critical-support-zone-for-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.uniquehot.com\\\/news\\\/bitcoin\\\/analyst-pinpoints-critical-support-zone-for-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/117317842_065760657.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/117317842_065760657.jpg?fit=976%2C549\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin urpd\",\"btcusd\",\"btcusdt\",\"urpd\",\"utxo\"],\"dateCreated\":\"2024-06-15T18:00:12Z\",\"datePublished\":\"2024-06-15T18:00:12Z\",\"dateModified\":\"2024-06-15T18:00:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/06\/117317842_065760657.jpg?fit=976%2C549","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts\/624833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/comments?post=624833"}],"version-history":[{"count":0,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts\/624833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/media\/624837"}],"wp:attachment":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/media?parent=624833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/categories?post=624833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/tags?post=624833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}