More than 420,000 Bitcoin (BTC) has a cost base of around $94,000 per currency, according to data from the on-chain GlassNode analytics company. This provides a strong support for the current cycle, given the supply concentrations that accumulate there.
In the following graph, the aforementioned sources show the price density map (an English acronym known as URPD, or “the distribution of run prices for UTXO”). This allows you to identify the price levels that Bitcoin is currently in circulation.
The stronger the color of the graph area, the stronger the The amount of BTC is large That last transfer occurred at that price (left axis):
Therefore, the previous image shows an area close to 94,000 US dollars. High density of currencies acquiredsuggesting that many market participants view their prices as valid or attractive entry points.
At the time of this phrase, The accumulated 420,000 BTC is worth almost $460 million. From a technical standpoint, this establishes a support zone. This is a level where buying pressure tends to exceed sellers, making it difficult for prices to drop below that threshold.
This can be proven by reviewing the BTC price chart. This level has also been revealed to have already acted as a support and resistance zone in the past (Orange Carkle).
URPD data provides valuable tools for analyzing the behavior of participants in the Bitcoin market. Allows inferring areas of psychological and economic interest by indicating where supply is concentrated according to price.
Furthermore, the fact that this accumulation was maintained during the integration period at the end of April and May strengthens its validity as a support zone, according to GlassNode analysis.
At the time, Bitcoin prices ranged near $94,000 horizontally, giving it the foundation for an upward tour that led to assets that violated historic maximums.
The formation of support, such as the present, is particularly relevant for high volatility moments. On May 23, as reported by Cryptonoticias, a sudden drop in BTC prices led to a $300 million liquidation in leverage positions on derivatives platforms.
This situation was driven by a new episode in the commercial war imposed by the US government by Donald Trump. In this case, the price of BTC fell from 111,000 to $107,000 in front of the European Union.
Despite this episode, Bitcoin is able to recover the land, and at the end of this article, quoted more than $109,000, according to the cryptocurrency price calculator.
