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Breaking News: Canary Capital's CEO Confirms Spot Hedera And Litecoin ETFs Will Begin Trading Tomorrow

Bitcoin Price Holds Above $115,000 — Here’s Why This Level Is Significant

Opeyemi Sule
Opeyemi Sule
3 months ago
2 mins read
Bitcoin

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After surging to a record high around $123,000 in the second week of July, the Bitcoin price action for the rest of the month has been largely choppy. However, the flagship cryptocurrency dropped to a level just above $115,000 on Friday, July 25. This abrupt decline came with the expected question in the market: Is the rally over? 

Here’s How $115,000 Could Be Critical To BTC’s Price

In a recent post on the social media platform X, crypto pundit Burak Tamaç highlighted the relevance of the region below the $115,000 level for the price of BTC. This on-chain observation, which is based on the BTC Supply Distribution URPD, showed how the Bitcoin price could play out in the near future.

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The Supply Distribution URPD metric tracks the amount of Bitcoin supply last moved or transferred at particular price levels. This metric is specifically useful in identifying potential support (demand) and resistance (supply) zones.

Tamaç pointed out on X that there is a significant void in Bitcoin’s Unspent Transaction Output (UTXO) distribution just around the $110,000 and $115,000 bracket. What this means is that there have been relatively fewer significant transactions around this price region in the recent past.

Bitcoin Price
Source: @burak_tamac on X

However, this UTXO gap sits above a price region ($90,000 to $110,000) thick with significant investor activity. Considering the level of activity within this zone, there is an increased likelihood of the premier cryptocurrency finding a support cushion just within the UTXO gap.

In this context, the support is to be above the $110,000 price level. As mentioned earlier, after Bitcoin reached a new all-time-high price, the premier cryptocurrency entered a consolidatory phase, where it has moved mostly sideways in the second half of July. During this period of indecisive price action, it can be observed that the Bitcoin price has not gone below the $115,000 price. 

What this means is that the $110,000 and $115,000 zone is likely where a new UTXO support has been established. If Bitcoin prevails above this price level, we can expect to see continued bullish momentum. On the flip side, if the $110,000 — 115,000 support zone fails, the flagship cryptocurrency might experience a severe sell-off.

Bitcoin Price At A Glance

As of this writing, Bitcoin is valued at about $118,050, reflecting an almost 2% jump in the past 24 hours. 

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Bitcoin price
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

 

Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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