Bitcoin's rally is under increased scrutiny as key on-chain data highlights a UTXO concentration around the $105,644 mark.
UTXO Concentration and Potential Resistance
The Bitcoin UTXO price histogram shows a vertical spike within the $105,664 to $149,156 range, indicating a significant accumulation of coins. This concentration may trigger sell pressures as price levels revisit these points.
Short-Term Holder Behavior and Price Pressure
CryptoQuant's realized price metric for short-term holders suggests that their average acquisition costs remain below current market prices. This indicates unrealized profits, and a drop below their cost basis could lead to selling panic.
Sensitivity to Funding Rates
The funding rate reflects a mildly bullish sentiment, but spikes near resistance levels often result in temporary pullbacks. Analysts warn that negative funding rates at high price points could signify waning demand.
The concentration of UTXO, short-term holder behavior, and funding rates create potential resistance zones for Bitcoin, posing risks for future price movements.
