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A report by the analysis company on Chain Glassnode revealed a Bitcoin price region that could prove crucial for bulls.
Several key bitcoins metrics point in the same price range right now
In his latest weekly report, Glassnode discussed the basis of the cost of Bitcoin investors from various corners. The first indicator that the analysis company has shared is the “price distribution of prices made by UTXO” (URPD), which basically tells us how the supply of BTC is distributed between the different price levels based on the last transaction value.
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First of all, here’s how this metric appeared before the recent collapse of prices:
As is visible in the graph, very few coins had the cost of cost between $ 70,000 and $ 92,000 before the accident. In In-Chain analysis, the basis of the cost of investors is considered an important topic, since the owners are more likely to make a sort of move when their status of loss of profit is threatened. Since this interval contained the level of acquisition only of a small part of the offer, it was a kind of “air gap” in terms of potential demand.
This could be the reason why BTC has easily slipped deep into this region when the accident arrived. So far, however, the Bulls have come to provide support, as have participated in some purchases in this vacant region, changing the URPD.
Therefore, the interval is now better set to provide support than before, although it is still a kind of empty region compared to the other basic centers of the Bitcoin cost.
The second indicator of which Glassnode spoke is the price made by the short -term owners. The “price made” is a term that was also in the complete form of Urpd. What this metric measures is the cost of the cost of the medium investor belonging to a part of the BTC user base.
Below is a graph that shows the tendency in the indicator for short -term prisoners (STHS), which are the Bitcoin investors who have purchased their coins in the last 155 days.
“The basis of the cost of the short -term owner has historically actable as an important level of reference through the upward trends of the Taurus market”, observes the analysis company. “We calculated the bands of ± 1σ of the support for short -term support, which generally acted as a sort of upper and lower limit for the action of the local price.”
Interestingly, this lower limit, i.e. standard level one under the price of the price in STH, is located at $ 71,000 at this moment. This is about the same level in which the air gap area ends previously mentioned.
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This is not the only other place where this level is displayed, as shown by the graph for the price made active.
The “Price made active” basically takes the price made of the entire BTC network, with an additional turning point. The metric only includes the “economic” offer, which means that it excludes for the part of the supply that Glassnode has decided to return to circulation.
At the moment, the active price made is $ 70,000, which is once again almost at the same level as that of the other two indicators. “With a significant confluence through different basic costs of the costs, this price region becomes an area of interest, perhaps since the final defense line for the bulls is in the event of a complete capitulation”, concludes the report.
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At the time of writing writing, Bitcoin is mistaken about $ 90,000, growing by almost 5% in the last week.
In the foreground image from Dall-e, GlassNode.com, graphic designer from tradingView.com