The post Bitcoin UTXO Surpasses COVID 2020 Levels To New ATH appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Bitcoin’s consolidation below $68,000 extended throughout this week, with bulls holding steady above the $66,000 support level. Although the cryptocurrency hasn’t seen a significant push to the upside, its ability to avoid a deeper correction means that Bitcoin remains on track to end October on a bullish note. Related Reading In support of this outlook, a crypto analyst has highlighted an emerging trend in Bitcoin’s UTXO metric, which suggests a looming breakout in the crypto’s price. UTXO In Loss Reaches Highest Point Ever The number of Bitcoin UTXO in losses recently reached a new peak on September 11, 2024, surpassing levels last seen during the COVID-19 crash in 2020 and the September 2023 market bottom.  This metric, known as Unspent Transaction Output (UTXO), refers to the amount of Bitcoin that remains unspent in a Bitcoin wallet after a transaction. When UTXO is measured in loss, it reflects the number of Bitcoin holdings that would currently sell at a loss compared to the last transaction price from the Bitcoin wallet. According to Glassnode data, the number of UTXO in losses spiked massively in September to surpass previous numbers, indicating that a significant portion of active Bitcoin addresses are underwater. However, while this may appear to signal bearish sentiment at first glance, history has shown this isn’t the case. As pointed out by crypto analyst CryptoCon, major spikes in UTXO loss don’t come right before terrible price action, but they mostly come at the end of it. Keeping this trend in mind, the new peak in September most likely was an inflection point for Bitcoin’s price action for the rest of the year. What Does This Mean For Bitcoin Price? Past data reveals a consistent pattern: when UTXO in loss reaches extreme highs, Bitcoin’s price…

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Filed under: News - @ October 27, 2024 5:35 am