Bitcoin’s price action has entered a critical phase. After reaching a new all-time high above $123,000 in mid-July, BTC has since cooled off, pulling back to as low as $115,000 on July 25. This sudden drop raised concerns among traders about whether the recent bull run had peaked — or whether this was just a healthy retracement before the next leg higher.

A key indicator now drawing attention is the UTXO Realized Price Distribution (URPD), which maps where Bitcoin’s current supply was last transacted. This metric helps pinpoint important support and resistance levels based on real buying activity, giving us a window into where “smart money” is likely to defend or exit positions.

According to the URPD data, a noticeable supply gap exists between $110,000 and $115,000 — suggesting fewer coins have changed hands in this region. While this may imply limited immediate demand, it also positions this range as a potential springboard if bulls hold it. Below that, the region between $90,000 and $110,000 is packed with historical buying volume — a high-interest zone that’s unlikely to be breached without a fight.

So far, Bitcoin has respected the $115K level throughout the recent consolidation phase. The market is essentially in a sideways pattern, waiting for a catalyst. As long as BTC holds this support, upward momentum can resume, especially if bullish catalysts return — like ETF inflows, macroeconomic shifts, or institutional accumulation.

However, if the $110K–$115K support zone fails, downside risk increases. A breakdown below $110K would bring Bitcoin into the high-volume zone between $90K–$110K, where further consolidation or correction may occur.

Key Takeaways:

• Bitcoin remains above $115K after cooling from new ATH.

• URPD data suggests light volume between $110K–$115K, with strong demand just below.

• Holding this zone could indicate smart money accumulation.

• A breakdown may retest the heavy demand zone around $100K.

Smart money isn’t rushing — it’s watching. So should you.

#Bitcoin #BTC #SmartMoney #OnChainAnalysis #CryptoMarketUpdate