Summary
- Alex Thorn revealed that Bitcoin's URPD indicator shows almost no transactions between $75,000 and $85,000.
- He explained that Bitcoin's 200-day moving average is at $81,600, and this level could support the price if retested.
- BTC is currently trading at $87,132.08 on the Binance USDT market, down 8.20%.
Alex Thorn, Head of Research at Galaxy Digital, analyzed on X (formerly Twitter) on the 25th (local time) that "Bitcoin (BTC) URPD indicator shows almost no transactions between $75,000 and $85,000" and added that "as BTC price quickly broke through this range last November, the market might test this zone."
He continued, "The 200-day moving average (MA) is at $81,600, and if this level is retested, it could potentially support the price."
URPD is an indicator that shows the volume of UTXO (Unspent Transaction Output) consumed at specific price levels.
Meanwhile, BTC is trading at $87,132.08 on the Binance USDT market as of 02:23, down 8.20% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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