An analyst has explained using on-chain data that Bitcoin has a major demand bucket at the current price levels, so it won’t hit $20,000 anytime soon.
Huge Bitcoin Buying Occurred Inside The $25,000 To $30,000 Range
In a new post on X, analyst Ali has explained that some large entities accumulated at the $25,000 to $30,000 range. The indicator of interest here is the “UTXO Realized Price Distribution” (URPD), which, in short, tells us about the amount of Bitcoin that was acquired at the different price levels of the cryptocurrency.
Here is a chart that shows how the URPD of the current Bitcoin market looks like:
Notice that the URPD here is “ATH-partitioned.” What this means is that the price ranges here have been defined by creating 100 equally spaced partitions between zero and the all-time high (ATH) of the cryptocurrency.
From the graph of the Bitcoin URPD, it’s visible that the price levels between $25,000 and $30,000 are host to the cost basis of a particularly large
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