Bitcoin price hasn’t been particularly impressive over the past two weeks, but it appears to have stabilized its move in a clear consolidation range. In its latest attempt to shine, on Friday, March 13, the premier cryptocurrency encountered pointed resistance around $74,000.

Interestingly, the latest on-chain data suggests that the $74,000 resistance may not be as much of a barrier as it appears. According to a prominent cryptocurrency analyst on social media platform X, Bitcoin’s price appears to have a clear path to return above the $80,000 level.

BTC price has a clear runway to $82,000: analyst

Market expert Ali Martinez took on the X platform participation insight into the Bitcoin price chain in the coming weeks, with a return to around $82,000 looking more likely unimpeded. This on-chain observation is based on the UTXO Realized Price Distribution (URPD) metric, which shows the next appropriate levels for BTC.

The URPD indicator shows how critical a price level is by tracking the volume of cryptocurrency purchased at a specific level. This is because the ability of a Bitcoin price level to function as a support or resistance zone usually depends on the number of BTC investors whose cost basis is at a given level.

Typically, price levels below the current spot value with significant buying activity are often considered major support regions. Meanwhile, levels above the current price with significant investor cost bases tend to function as major areas of resistance.

According to Martinez, Bitcoin’s price has entered a low-resistance region, with almost no obstacles in its path, up to around $82,045. This calls into question the recent rejection around the $74,000 level, which is characterized by little investor activity according to the UTXO Realized Price Distribution Index.

A move towards the next major resistance on the chain would represent an upside of over 17% from the current price point, with an upward move of a magnitude not seen so far this year. However, if Bitcoin price fails to gain the bullish momentum necessary to spur a rally towards the $82,000 level, the next major support cushion will be around $66,898.

Ultimately, it appears that Bitcoin price may be looking to expand its consolidation range, with a potential upper limit of $82,000.

Bitcoin price overview

At the time of writing, BTC is trading at around $70,820, reflecting just a 0.5% augment over the last 24 hours. According to CoinGecko data, the flagship cryptocurrency has increased by over 3% in the last seven days.

Featured image from DALL-E, chart from TradingView