Fast Take
The URPD metric by Glassnode gives insights into the distribution of Bitcoin unspent transaction outputs (UTXOs) primarily based on their creation costs. Every bar within the chart represents the amount of present Bitcoins that had been final moved inside a specified value vary.
Bitcoin has maintained a value above $60,000 since Feb. 28, briefly dipping beneath the extent solely twice — as soon as on March 5 and through a quick interval between April 17 and April 19.
Though Bitcoin briefly surpassed $70,000 a number of occasions in March and April, the URPD metric reveals a major accumulation of provide between $60,000 and $65,000 — with BTC buying and selling inside this vary for the previous two weeks.
Roughly 7% of the whole provide is concentrated inside this vary as of April 26, primarily based on Glassnode information.
CryptoSlate’s evaluation has recognized a lack of provide beneath $60,000. Markets may enter a bearish development if Bitcoin decisively breaks beneath this important mark.
