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This Bitcoin Price Range Could Be The Bulls’ Final Defense Line, Report Says

Author: Content Editor
This Bitcoin Price Range Could Be The Bulls’ Final Defense Line, Report Says
According to a report from on-chain analytics firm Glassnode, there is a crucial Bitcoin price region that could be significant for bullish investors. The report discusses the Bitcoin investor cost basis and highlights a metric called the UTXO Realized Price Distribution (URPD), which shows how the BTC supply is distributed among different price levels. Before the recent price crash, there were very few coins with a cost basis between $70,000 and $92,000. This range is considered important as it indicates potential demand and the likelihood of investors making moves based on profit-loss status. The report suggests that the range is now better set up to provide support after some recent buying activity. Another indicator mentioned in the report is the cost basis of short-term holders, which historically acts as a reference level in bull-market uptrends. The lower bound for short-term holders is at $71,000, which aligns with the previously mentioned range. This level also appears in the Active Realized Price metric, which only includes the 'economical' supply of Bitcoin. The report concludes that this price region becomes an area of interest and a potential defense line for bulls in the event of a complete capitulation. Currently, Bitcoin is trading around $90,000, up almost 5% in the last week.

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