An analyst has explained how Bitcoin could be positioned for new all-time highs (ATHs) if it can break through this on-chain resistance level.
Bitcoin On-Chain Data Could Suggest This Level Holds Major Resistance
In a new post on X, analyst Ali discussed Bitcoin’s current on-chain resistance. In on-chain analysis, the strength of support and resistance levels is based on the total amount of cryptocurrency last acquired at each level.
Below is a chart for Glassnode’s UTXO Realized Price Distribution (URPD) metric, which shows the supply distribution across the various price levels based on where the investors bought their coins.
From the graph, it’s visible that in terms of the levels currently ahead of the spot price, the $66,250 mark stands out as it hosts the cost basis of over 2% of all Bitcoin UTXOs.
Generally, the cost basis is a special level for any investor, and they are naturally more likely to react when it is retested, as it can lead to a flip in their pro
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