Bitcoin Price May Correct to $74,000-$80,000 Due to Distribution Gap

Bitcoin's price has been oscillating between $89,000 and $93,000 due to a battle between bulls and bears.

The recent price movement is linked to the uneven distribution of Bitcoin's total supply across various levels, as indicated by on-chain data.
Pseudonymous analyst Darkfost highlights that this range is characterized by significant trading activity, acting as both support and resistance.
The URPD (UTXO Realized Price Distribution) metric shows large coin trades at specific price levels, explaining the current price stagnation.
A "distribution gap" exists between $74,000 and $80,000, suggesting potential for a 20% price correction to rebalance supply and demand.
34% of Bitcoin's total supply is above $90,000, which could establish it as a structural support level over time.
A distribution cluster around $84,000 may be misleading due to recent movements by Coinbase.

As of now, Bitcoin is priced at approximately $90,150 with no significant change in the past 24 hours.

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