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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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Home Altcoins

Analyst Pinpoints Critical Support Zone For Bitcoin

June 15, 2024
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Analyst Pinpoints Critical Support Zone For Bitcoin
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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 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

— Ali (@ali_charts) June 14, 2024

For context,  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. In a UTXO Realized Price Distribution chart, Bitcoin’s supply is broken down based on the realized prices of UXTOs showing how much BTC was acquired at different levels. 

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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. 

See also  Ethereum Price Dips Alongside Bitcoin, Decoding Key Hurdles To Fresh Increase
Bitcoin
Source: Ali Martinez

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

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’s 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. 

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.

Bitcoin
BTC trading at $66.269 on the 4-hour chart | Source: BTCUSDT chart on Tradingview.com

Featured image from BBC, chart from Tradingview

Tags: AnalystBitcoinCriticalPinpointssupportZone

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