On-chain data shows Bitcoin has been trading inside a major cost-basis cluster recently, and the latest rally hasn’t taken it past the range either. In a new post on X, analyst Ali Martinez has discussed the latest data for the UTXO Realized Price Distribution (URPD) of Bitcoin. Below is the chart shared by Martinez that shows how the URPD of Bitcoin is looking right now. As is visible in the graph, there are some levels near to the current spot price with a notable amount of supply last purchased according to the URPD.
Naturally, the investors holding coins with a cost basis at one of these levels below the latest price would be in some profit right now, while those above would be underwater. However, the latest price surge has meant that the majority of investors inside this cluster are now in the green. From the chart, it’s visible that this supply zone sits between $63,100 and $73,200. Following the rally back above $72,000, BTC has climbed toward the end of this range, but hasn’t yet exited it.
Generally, investors who are in loss tend to react to a retest of their cost basis by selling, as they may fear going back underwater. Profitable hands, on the other hand, may accumulate more at their cost basis to defend it. Referring to the cluster between $63,100 and $73,200, the analyst noted: This is where millions of holders “voted” on the price. Beyond the range, supply is relatively thin on the URPD until $82,000. While this means that Bitcoin won’t find much support at those levels, it also implies that resistance from investors exiting at their cost basis could also be relatively low. Though, it only remains to be seen how price action will unfold in the coming days and whether the cryptocurrency will venture past the range. Bitcoin has seen its recovery stall since Tuesday as its price is still trading around $72,400.
On-chain data shows Bitcoin has been trading inside a major cost-basis cluster, and the latest rally hasn’t pushed the price beyond the range. In a post on X, analyst Ali Martinez discusses the UTXO Realized Price Distribution (URPD) for Bitcoin and shares a chart illustrating the current state of realized supply around the spot price. The URPD indicates a supply zone between $63,100 and $73,200, where a notable amount of coins were last purchased. Investors with a cost basis within this band, just below the current price, are now in profit, while those above it remain underwater. The recent price rally has moved a majority of holders in this cluster into the green, suggesting a shift in the balance of profit and risk.
Beyond the range, URPD supply thins toward about $82,000, implying limited support at higher levels and potentially lower resistance from holders exiting at their cost basis. Whether Bitcoin can break past the range remains uncertain, with price action hovering around $72,400 in recent sessions.
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