{"id":509819,"date":"2022-11-23T16:00:01","date_gmt":"2022-11-23T16:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=509819"},"modified":"2024-06-11T07:50:49","modified_gmt":"2024-06-11T07:50:49","slug":"bitcoin-closing-in-on-bullish-crossover-relief-ahead","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-closing-in-on-bullish-crossover-relief-ahead\/","title":{"rendered":"Bitcoin Closing In On This Bullish Crossover, Relief Finally Ahead?"},"content":{"rendered":"

On-chain data shows Bitcoin is closing in on a crossover that has historically proved to be bullish for the price of the crypto.<\/p>\n

Bitcoin Short-Term And Long-Term UTXO Age Bands Approach Crossover<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, BTC has usually observed a significant rise following the formation of such a crossover.<\/p>\n

The relevant indicator here is the “UTXO Age Bands<\/a>,” which tells us the percentage of the Bitcoin supply that each group is holding right now.<\/p>\n

The different Age Bands denote the time period between which each UTXO (or simply, each coin) falling into said band was last moved.<\/p>\n

For example, the 6m-12m UTXO Age Band includes the part of the BTC supply that hasn’t been transferred since six to twelve months ago.<\/p>\n

In the context of the current topic, the Age Bands of interest are the 1m-3m and the 2y-3y groups. The first of these represents the short-term UTXOs (as they haven’t aged much yet), while the latter denotes the long-term UTXOs.<\/p>\n

Related Reading: Ethereum Bullish Signal: Whales Add $1B More To Their Holdings<\/a><\/div>\n

Now, here is a chart that shows the trend in both these Bitcoin UTXO Age Bands in the last several years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the two metrics have been approaching each other in recent days | Source: CryptoQuant<\/a><\/pre>\n
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.<\/p>\n
If both the indicators continue going in the current trajectory, then they will soon meet and go through a crossover, where the long-term Age Band will overtake the short-term one.<\/p>\n
Related Reading:  Bitcoin \u201cDiamond Hands\u201d Have Dumped 84.5k BTC Since FTX Collapse<\/a><\/div>\n
The quant has also highlighted the trends that followed in the price of BTC when such a pattern previously formed during the past few years.<\/p>\n
It seems like whenever this kind of crossover has taken place for the crypto, the price has gone onto see a significant rise in the long term.<\/p>\n
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<\/a> (strong hands).<\/p>\n
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.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $16.5k, down 1% in the last week. Over the past month, the crypto has lost 13% in value.<\/p>\n
\"Bitcoin<\/p>\n
The price of the coin seems to have recovered back above $16.5k during the last 24 hours | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin is closing in on a crossover that has historically proved to be bullish for the price of the crypto. Bitcoin Short-Term And Long-Term UTXO Age Bands Approach Crossover As pointed out by an analyst in a CryptoQuant post, 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. The different Age Bands denote the time period between which each UTXO (or simply, each coin) falling into said band was last moved. For example, the 6m-12m UTXO Age Band includes the part of the BTC supply that hasn’t been transferred since six to twelve months ago. In the context of the current topic, the Age Bands of interest are the 1m-3m and the 2y-3y groups. The first of these represents the short-term UTXOs (as they haven’t aged much yet), while the latter denotes the long-term UTXOs. Related Reading: Ethereum Bullish Signal: Whales Add $1B More To Their Holdings Now, here is a chart that shows the trend in both these Bitcoin UTXO Age Bands in the last several years: Looks like the two metrics have been approaching each other in recent days | Source: CryptoQuant 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. If both the indicators continue going in the current trajectory, then they will soon meet and go through a crossover, where the long-term Age Band will overtake the short-term one. Related Reading: Bitcoin \u201cDiamond Hands\u201d Have Dumped 84.5k BTC Since FTX Collapse The quant has also highlighted the trends that followed in the price of BTC when such a pattern previously formed during the past few years. It seems like whenever this kind of crossover has taken place for the crypto, the price has gone onto see a significant rise in the long term. 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: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":509826,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11680,85844,86843,87469,1119,1144],"class_list":["post-509819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-bullish-crossover","tag-bitcoin-crossover","tag-bitcoin-utxo-age-bands","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Closing In On This Bullish Crossover, Relief Finally Ahead?<\/title>\n<meta name=\"description\" content=\"On-chain data shows Bitcoin is closing in on a crossover that has historically proved to be bullish for the price of the crypto. 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Closing In On This Bullish Crossover, Relief Finally Ahead?","url":"http:\/\/wncen.com\/news\/bitcoin-closing-in-on-bullish-crossover-relief-ahead\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-closing-in-on-bullish-crossover-relief-ahead\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish","bitcoin bullish crossover","bitcoin crossover","bitcoin utxo age bands","btc","btcusd"],"dateCreated":"2022-11-23T16:00:01Z","datePublished":"2022-11-23T16:00:01Z","dateModified":"2024-06-11T07:50:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Closing In On This Bullish Crossover, Relief Finally Ahead?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-closing-in-on-bullish-crossover-relief-ahead\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-closing-in-on-bullish-crossover-relief-ahead\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish\",\"bitcoin bullish crossover\",\"bitcoin crossover\",\"bitcoin utxo age bands\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-11-23T16:00:01Z\",\"datePublished\":\"2022-11-23T16:00:01Z\",\"dateModified\":\"2024-06-11T07:50:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/509819"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=509819"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/509819\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/509826"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=509819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=509819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=509819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}