Bitcoin Short-Term And Long-Term UTXO Age Bands Approach Crossover
As pointed out by an analyst in a CryptoQuant , BTC has usually observed a significant rise following the formation of such a crossover.The relevant indicator here is the “UTXO Age Bands,” which tells us the percentage of the Bitcoin supply that each group is holding right now.
Looks like the two metrics have been approaching each other in recent days | Source:As you can see in the above graph, the 1m-3m Bitcoin UTXO Age Band has been declining recently, while the 2y-3y group has been observing a rise.
The significance of this cross is that it represents a shift in supply from short-term buyers (who are often weak hands) to the long-term holders (strong hands).
It now remains to be seen whether the Bitcoin UTXO Age Bands will go on and complete the cross, and if the same trend as in history will follow now as well.BTC Price
At the time of writing, Bitcoin’s price floats around $16.5k, down 1% in the last week. Over the past month, the crypto has lost 13% in value.
The price of the coin seems to have recovered back above $16.5k during the last 24 hours | Source:
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com