Recent analysis by CryptoQuant analyst tugbachain sheds light on an important aspect of Bitcoin’s market behavior — the UTXO realized price age distribution.
This metric plays an important role in understanding the holding patterns of different investor groups and how the market reacts to price fluctuations. The realized price (calculated as realized market capitalization divided by total supply) is critical in determining the cost basis of long-term holders and recent buyers.
According to tugbachain, actual price levels over the one-month and three-month periods are usually key areas during bull market corrections.
These levels provide a lens through which to analyze market sentiment, particularly among small investors, providing insight into the underlying dynamics driving buying and selling activity.
BTC’s key support level
Analysts have identified two specific real price levels — $75,100 and $62,400 — as key cost bases for small investors. These levels are important because they act as support areas during market volatility.
Tugbachain noted that historically, when Bitcoin’s price tests these levels, it tends to spark a buying response, highlighting the psychological and financial impact these price points have on small investors.
CryptoQuant analysts also pointed out that these support levels not only reveal small investors
The pattern also reveals how their behavior can be influenced or even manipulated during bull markets. During bull market cycles, market dynamics often exacerbate small investors’ fears, triggering panic selling.
Tugbachain concluded:
Closely monitoring these levels can provide valuable insights for making informed investment decisions.
Bitcoin Market Performance
Meanwhile, Bitcoin has just hit a new all-time high (ATH). So far, BTC has topped out at $94,784. However, at the time of writing, the asset has retreated slightly from this peak and is currently trading at $94,523, although it is still up 3.1% over the past day.
While the asset has been seeing sustained upward momentum in recent weeks, CryptoQuant shared an interesting analysis on whether it is time to sell or hold BTC in a recent post on its official X account. Citing the main key indicator, CryptoQuant mentioned BTC’s MVRV ratio.
According to data from the on-chain data provider platform, historically, an MVRV ratio greater than 3.7 indicates that Bitcoin has reached a market top. Fortunately, the latest data shows that as of November 19, BTC’s MVRV is still below this level, with a figure of 2.62.
