Over the weekend, the Bitcoin price remained above $110,000, supported by key levels according to on-chain data. Here are the important support levels to monitor in the coming weeks.
Identifying BTC Support Levels
Crypto analyst Ali Martinez recently shared insights on the Bitcoin price using the BTC UTXO Realized Price Distribution (URPD) metric. This metric reveals the next support levels for Bitcoin.
The UTXO Realized Price Distribution indicator tracks the volume of a specific cryptocurrency acquired at a particular price level. Levels below the current price with significant buying activity are seen as major support zones, while levels above the current price with substantial investor cost bases act as resistance areas.
Key support levels for Bitcoin include $108,250, $104,250, and $97,050. Notably, significant amounts of BTC were bought at these levels, indicating strong support. Investors with cost bases at these levels are likely to increase their positions, providing a safety net for the Bitcoin price.
On the other hand, the next major resistance level for Bitcoin is around $116,963. Investors with positions at this level may sell when the price reaches their cost basis, potentially causing downward pressure on BTC.
Current Bitcoin Price Status
As of now, Bitcoin is trading around $110,628 with minimal movement in the past 24 hours. Over the past week, BTC has seen a 1% increase in value, according to CoinGecko.
Image source: iStock, chart source: TradingView