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.
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.
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. 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.
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