Bitcoin is facing a key resistance level at $38,500, but if it can break through, the next major hurdle is at $47,360, according to analyst Ali. The analysis is based on the UTXO Realized Price Distribution (URPD), which looks at the levels at which coins were last acquired. These levels are important because they represent the cost basis for a significant number of investors. When the price retests these levels, investors may be more inclined to make a move based on their profitability status. If they were in profits before, they may buy more, anticipating further price increases. On the other hand, if they were in losses, they may sell at their acquisition price to avoid further losses. These buying and selling actions can create support or resistance for the price of Bitcoin. The URPD data shows that the $37,000 level holds the cost basis of a large number of UTXOs, suggesting it will act as a strong support level. If Bitcoin can clear the $38,500 resistance, the next major resistance is at $47,360. This analysis is seen as optimistic for the rally, as it indicates that Bitcoin may be able to hold above the $37,000 level and continue its upward movement.