Bitcoin Retests Major Supply Cluster Amid Decision Point Analysis

An on-chain analyst has highlighted a critical phase for Bitcoin based on its supply cost basis distribution.

Bitcoin Retesting Major Supply Cluster

Analyst Checkmate discussed Bitcoin's UTXO Realized Price Distribution (URPD), indicating significant portions of BTC supply were bought at recent trading price levels.
The URPD chart shows two large supply clusters around current price levels.
Bitcoin was situated between these supply walls, with investors below the lower wall in profit and those above it at a loss.
This positioning represents a "decision point," where substantial price movements could influence many addresses' profit-loss statuses.
Large supply walls below the current price may act as support, while levels above could serve as resistance.
Following Checkmate's analysis, Bitcoin experienced a slight pullback towards the green supply zone, which might prevent further declines.
The next price movement could significantly impact market sentiment.
Bitcoin is close to a macro support level at the short-term holder Realized Price of $93,364, historically marking bullish or bearish trends.

Bitcoin is currently priced around $94,000, reflecting a 1.5% decrease over the past 24 hours.