Bitcoin Price Holds Above $115,000 — Here’s Why This Level Is Significant

Bitcoin's price, after reaching a record high of $123,000, experienced choppy trading and a drop to $115,000. This decline sparked questions about the rally's end. Crypto analyst Burak Tamaç highlighted the significance of the $115,000 level using the BTC Supply Distribution URPD metric. This metric tracks Bitcoin's movement at various price points, identifying support and resistance zones. Tamaç noted a UTXO gap around $110,000-$115,000, indicating fewer recent transactions in this price range. This gap sits above a heavily traded zone, suggesting potential support around $110,000-$115,000. Bitcoin's recent consolidation above $115,000 reinforces this potential support level. Maintaining above this zone indicates bullish momentum, while a breakdown could trigger a significant sell-off. Currently, Bitcoin trades around $118,050, showing a recent price increase. The $110,000-$115,000 range is crucial for Bitcoin's near-term price direction.