According to data from CoinMarketCap, 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.
Bitcoin URPD Chart Shows Potential Correction – Analyst
In an X post on June 15, 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.
#Bitcoin needs to climb back above $66,254 quickly to avoid a potential correction down to $61,100! pic.twitter.com/WMr7jcAVJU
— Ali (@ali_charts) June 14, 2024
For context, an unspent transaction output (UTXO) refers to units of Bitcoin that are unspent after a transaction. Each UTXO has a realized price i.e. t
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