Decoding Bitcoin’s supply gap: Can BTC bulls reach $84,569?

Bitcoin’s rebound from a summer consolidation period gained momentum as improving on-chain conditions further bolstered the broader bull market structure. 

The latest move pushed BTC price toward a crucial area where overhead supply had previously remained relatively thin. 

Bitcoin, however, had already created solid support levels between $61,849 and $63,111 prior to the recent price rally.

 Prior to this, over two million BTC had been traded in the area, generating high demand from BTC holders.

Meanwhile, URPD data revealed limited overhead resistance beyond $75,733, according to analyst Ali Martinez. The distribution left Bitcoin with significantly lower historical supply before the next major concentration.

The analyst predicted that clearing $75,733 could open Bitcoin’s path toward the 83,307–84,569 region. Roughly one million BTC had previously changed hands around that upper supply cluster.

Therefore, Bitcoin’s underlying holder base had provided a strong foundation beneath the latest breakout attempt. However, a sustained demand would be required for price to successfully exploit the overhead supply.

MVRV reversal revives a cycle signal

Beyond holder distribution, Bitcoin’s MVRV ratio strengthened vertically following its recent downturn. Notably, the reversal as a signal that it has previously witnessed around significant cycle bottoms.