bitcoin It has recently recorded significant price increases, reaching its highest value since June 2022. The price surpassed the $28,000 level with the recent move. However, analysts warn that BTC could face significant resistance at the $29,000-30,000 level and experience a series of price corrections before it surpasses this level.
CryptoQuant The Unspent Transaction Output (UTXO) index observed for 2-3 year intervals shows the realized price for this category to be $29,700. The UTXO ratio for this age range accounts for 12.64% of the total UTXOs. This could mean that a significant amount of BTC held by long-term investors could soon be sold.
This sale may be due to the fact that the price for 2-3 year olds is higher than the 6-12 month index, which is $ 28,200. Where there has been a crossover between these two indices in the past, it has often resulted in a price correction.
Koinfinans.com As we reported, although the UTXO index can provide valuable information about the behavior of long-term Bitcoin investors, cryptocurrency just one of many factors that can affect the price of a unit. Other variables such as market sentiment, regulatory developments and adoption rates will also play an important role.
Still, UTXO data shows that Bitcoin could face a short-term volatility as long-term holders potentially profit. It is not yet clear whether BTC will be able to break past the $29,000-30,000 resistance level in the near future, but data shows that it may face significant hurdles in doing so.
You can follow the current price action here.