Based on Glassnode’s UTXO Realized Price Distribution (URPD), this level represents a major cluster of investor positions—making it a key line in the sand for bulls.
If this support fails, Martinez warns that Bitcoin could swiftly fall toward $97,405, where another large concentration of buyer activity historically resides.
Caution Signals From the Weekly Chart
Echoing this caution, trader Daan Crypto Trades highlights indecisiveness on Bitcoin’s weekly chart. BTC posted a “flat week with big wicks,” following a failed breakout above $108K and a bounce from $100K in the previous week.
According to Daan, unless BTC can break and hold above $108K, traders should remain cautious.
“Until then, I will sit on the stables I have with lower spot exposure (but still some),” Daan added.
Key Levels to Watch
- Support: $104,124 (on-chain cluster), followed by $97,405
- Resistance: $108,000 – needed for renewed bullish confirmation
- Previous ATH: Near $104,775, still acting as psychological resistance
Conclusion
Bitcoin’s recent failure to reclaim $108K and its stall near $104K paints a picture of hesitation. With heavy realized volume at current levels, bulls must defend $104K to prevent further downside. If this zone breaks, $97K could be the next magnet for price.
Traders are advised to monitor both on-chain positioning and weekly technical structure as BTC tests a key inflection point.
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2025-06-15 08:17