Bitcoin Supply Accumulation Indicates Stability Despite Price Fluctuations
A recent metric by Glassnode, known as URPD, provides valuable insights into the distribution of Bitcoin unspent transaction outputs (UTXOs) based on their creation prices. This metric reveals the quantity of existing Bitcoins that were last moved within specific price ranges.
Bitcoin has managed to maintain a price above $60,000 since Feb. 28, with only brief dips below this level occurring on March 5, and during a short period between April 17 and April 19.
Despite Bitcoin briefly climbing above $70,000 multiple times in March and April, the URPD metric highlights a notable accumulation of supply between $60,000 and $65,000. Bitcoin has been trading within this range for the past two weeks.
As of April 26, approximately 7% of the total Bitcoin supply is concentrated within the $60,000 to $65,000 range, according to Glassnode data.
Analysis from industry experts has identified a lack of supply below $60,000. Should Bitcoin break decisively below this crucial mark, markets could potentially enter a bearish trend.
It is important for investors to conduct their own research and due diligence when considering buying and trading cryptocurrencies, as they are considered high-risk activities. The opinions expressed in this article do not reflect those of CryptoSlate and should not be taken as investment advice.
