Interestingly, the latest on-chain data suggests that the $74,000 resistance might not be the barrier it appears to be. According to a prominent crypto analyst on the social media platform X, the Bitcoin price seems to have a free runway to return to above the $80,000 mark.
BTC Price Has Free Runway To $82,000: AnalystThe URPD metric shows how critical a price level is by tracking the volume of cryptocurrency purchased at a specific level. This is because the capacity for a Bitcoin price level to function as a support or resistance zone usually depends on the number of BTC investors who have their cost basis at the given level.
Typically, price levels below the current spot value with substantial buying activity are often considered major support regions. Meanwhile, levels above the current price with significant investor cost bases usually function as major resistance areas.
A move to this next major on-chain resistance would mean an over 17% surge from the current price point, with an upward movement of that magnitude not seen so far this year. However, if the Bitcoin price doesn’t find the bullish momentum necessary to spur a rally toward the $82,000 mark, the next major support cushion sits at around $66,898.
Ultimately, it appears that Bitcoin price might be looking to expand its consolidation range, with $82,000 as the potential upper boundary.
Bitcoin Price OverviewAs of this writing, the price of BTC stands at around $70,820, reflecting a mere 0.5% jump in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is up by more than 3% in the past seven days.
