BTC: where on-chain support and resistance occur.

According to the UTXO Realized Price Distribution histogram from #CryptoQuant, it shows the levels at which coins last "moved" on-chain. Where a lot of such coins are concentrated, the market develops a "cost basis memory": holders are more likely to defend the level during a decline and realize profits during a rise.

What is important now:

- Strong resistance: $117,300. A large cluster of recent movements - here, the risk of profit-taking increases as it approaches from below.

- Stepwise support: $112,000, $110,000, $105,000, $100,000. An extended zone where there was previously a lot of on-chain activity. It is reasonable to expect attempts to buy back here.

A large lower cluster - around 97,000$ is the next significant support, if 100,000$ is not held.

Breaking one of the nearest boundaries will set the momentum for the next move.