Bitcoin

According to <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">data from CoinMarketCap</a>, Bitcoin has had an unimpressive week with its market price falling by 4.65% over the last seven days. However, prominent crypto analyst Ali Martinez has released a price alert indicating that the market leader could be set for more losses if it fails to secure a certain support zone. 
<h2 id="strong-bitcoin-urpd-chart-shows-potential-correction-analyst-strong">Bitcoin URPD Chart Shows Potential Correction – Analyst</h2> 
In <a href="https://x.com/ali_charts/status/1801758768906256556" target="_blank" rel="noopener nofollow">an X post on June 15</a>, Martinez stated that Bitcoin needs to quickly rise above $66,254 else it risks a potential decline to around the $61,100 price mark. Martinez based his theory on the UTXO Realized Price Distribution (URPD) chart generated by the data analytics platform Glassnode. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Bitcoin</a> needs to climb back above $66,254 quickly to avoid a potential correction down to $61,100! <a href="https://t.co/WMr7jcAVJU" rel="nofollow">pic.twitter.com/WMr7jcAVJU</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1801758768906256556?ref_src=twsrc%5Etfw" rel="nofollow">June 14, 2024</a>
</blockquote> 
For context,&nbsp; an <a href="https://www.newsbtc.com/news/bitcoin-utxo-mid-long-term-holders-november-correction/" target="_blank" rel="noopener ">unspent transaction output (UTXO)</a> refers to units of Bitcoin that are unspent after a transaction. Each UTXO has a realized price i.e. the price the market price at the time of UTXO was transacted.&nbsp;In a UTXO Realized Price Distribution chart, Bitcoin’s supply is broken down based on the realized prices of UXTOs showing how much BTC was acquired at different levels.&nbsp; 
This data can be used to study market sentiment, distribution analysis as well as support and resistance levels. More importantly, investor behavior can also be studied as a high concentration of UTXOs indicates levels at which most investors bought Bitcoin which can translate into a potential resistance or support level.&nbsp; 
<img loading="lazy" decoding="async" class="wp-image-624834 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GQD7ufDWoAAMNOw.jpeg?w=860&amp;resize=860%2C539" alt="Bitcoin" width="860" height="539" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GQD7ufDWoAAMNOw.jpeg?w=2334 2334w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQD7ufDWoAAMNOw.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQD7ufDWoAAMNOw.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQD7ufDWoAAMNOw.jpeg?w=860&amp;resize=860%2C539 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQD7ufDWoAAMNOw.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQD7ufDWoAAMNOw.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQD7ufDWoAAMNOw.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQD7ufDWoAAMNOw.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
According to the URPD chart shared by Martinez, 504,619 BTC was purchased at $66,254 thus indicating a strong potential to serve as a support for Bitcoin amidst its current downtrend. Furthermore, the next realized price with the highest number of Bitcoin (191,366) bought is $61,101 representing the next support level should the premier cryptocurrency fail to reclaim the $66,254 price mark. 
<h2 id="strong-bitcoin-price-overview-strong">Bitcoin Price Overview</h2> 
At the time of writing, Bitcoin trades at $66,151 reflecting a price decline of 1.15% in the last day. In tandem, the BTC’s daily trading volume is also down by 5.54% and valued at $25.4 billion. However, Bitcoin remains in the green on the monthly chart with a 5.80% gain which is a notable positive, especially for long-term traders.&nbsp; 
According to <a href="https://coincodex.com/crypto/bitcoin/price-prediction/" target="_blank" rel="noopener nofollow">Coincodex,</a> the general sentiment is bearish nevertheless, the fear and greed index stands at 74 which indicates current optimism as well as risk-taking behavior among investors which highlights a potential for high market volatility. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/wxXJpyxx/" alt="Bitcoin" width="1479" height="893">

Analyst Pinpoints Critical Support Zone For Bitcoin

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