URPD analysis: 7% of Bitcoin's supply locked in $60,000 to $65,000 price range

Fast Take

The URPD metric by Glassnode offers insights into the distribution of Bitcoin unspent transaction outputs (UTXOs) based mostly on their creation costs. Every bar within the chart represents the amount of current Bitcoins that had been final moved inside a specified worth vary.

URPD: (Supply: Glassnode)

Bitcoin has maintained a worth 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 instances in March and April, the URPD metric reveals a big 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 full provide is concentrated inside this vary as of April 26, based mostly on Glassnode knowledge.

BTCUSD: (Source: TradingView) — BTCUSD: (Supply: TradingView)

CryptoSlate’s evaluation has recognized a scarcity of provide beneath $60,000. Markets may enter a bearish development if Bitcoin decisively breaks beneath this important mark.

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