{"id":639729,"date":"2024-09-04T20:00:05","date_gmt":"2024-09-04T20:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=639729"},"modified":"2024-09-04T07:51:10","modified_gmt":"2024-09-04T07:51:10","slug":"bitcoin-2019-below-60000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-2019-below-60000\/","title":{"rendered":"Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000"},"content":{"rendered":"

A recent Quicktake analysis on the <\/span>on-chain analytics platform CryptoQuant<\/span><\/a> highlighted how <\/span>Bitcoin\u2019s short-term holders’ (STH)<\/span><\/a> behaviour is similar to that of 2019. This analysis comes as Bitcoin remains below $60,000, continuing the bearish September trend.\u00a0<\/span><\/p>\n

Peak In Bitcoin\u2019s Short-Term Holders Similar To 2019 Structure<\/h2>\n

CryptoQuant contributor Avocado_onchain <\/span>noted<\/span><\/a> that there had been a \u201csmall peak\u201d in Unspent Transaction Outputs (UXTOs) under six months, which resembles a similar structure observed in 2019. The analyst explained that these UXTOs under six months are new investors (or short-term holders) who entered the market around March of this year when Bitcoin\u2019s price hit a <\/span>new all-time high (ATH)<\/span><\/a>.\u00a0<\/span><\/p>\n

 <\/p>\n

According to the analyst, the declining proportion of these UXTOs suggests that these investors have either exited the market due to Bitcoin\u2019s choppy price action since March or have held and now transitioned to <\/span>long-term holders<\/span><\/a> (UTXOs of six months and above).<\/span><\/p>\n

\"Bitcoin
Source: CryptoQuant<\/figcaption><\/figure>\n

The accompanying chart showed that a similar structure occurred around the halving event in 2019 when Bitcoin also reached a local high. After that, <\/span>Bitcoin\u2019s price<\/span><\/a> cooled off and took almost 490 days to hit a new ATH, although Avocado_onchain noted that there was also the impact of the COVID-19 pandemic.\u00a0<\/span><\/p>\n

This development undoubtedly provides insights into what Bitcoin investors could expect from the flagship crypto in the long term, even though its price remains choppy. Avocado_onchain remarked that he is confident about Bitcoin’s <\/span>long-term upward trend<\/span><\/a>. However, in the short term, he believes it will be wise for investors to \u201ctemper expectations and closely monitor the market.\u201d<\/span><\/p>\n

Meanwhile, although the analyst admitted that there is no clear trigger for a Bitcoin breakout, he noted that the influx of capital from new investors has historically been vital for Bitcoin\u2019s price increases. Bitcoin hit a new ATH in March following the launch of the <\/span>Spot Bitcoin ETFs<\/span><\/a>, which introduced new money into the Bitcoin ecosystem.\u00a0<\/span><\/p>\n

Bitcoin Looks To Continue Bearish September Trend<\/h2>\n

Bitcoin looks to continue its <\/span>bearish September trend<\/span><\/a> this year, with the flagship crypto already down by over 4% since the month began. Historically, <\/span>September<\/span><\/a> is known to be a bearish month, as <\/span>data<\/span><\/a> from Coinglass shows that Bitcoin has suffered a monthly loss in six out of the last seven September, dating back to 2017.\u00a0<\/span><\/p>\n

Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy?<\/a><\/div>\n

Following his <\/span>simulation<\/span><\/a> of Bitcoin\u2019s price for this month, CryptoQuant\u2019s Head of Research, <\/span>Julio Moreno<\/span><\/a>, mentioned that, on average, the flagship crypto could end the month at $55,000.\u00a0 Moreno had <\/span>earlier mentioned<\/span><\/a> that a drop below $56,000 for Bitcoin puts the crypto at risk of a deeper price correction and entering a prolonged bearish phase.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: CryptoQuant<\/figcaption><\/figure>\n

For now, the crypto community hopes that the US Federal Reserve will cut rates at its next FOMC meeting, which is scheduled for September 17 and 18. A rate cut is <\/span>believed<\/span><\/a> to be one that could trigger Bitcoin\u2019s price and lead to a successful breakout above $60,000.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $56,400, down over 4% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price touches below $56,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A recent Quicktake analysis on the on-chain analytics platform CryptoQuant highlighted how Bitcoin\u2019s short-term holders’ (STH) behaviour is similar to that of 2019. This analysis comes as Bitcoin remains below $60,000, continuing the bearish September trend.\u00a0 Peak In Bitcoin\u2019s Short-Term Holders Similar To 2019 Structure CryptoQuant contributor Avocado_onchain noted that there had been a \u201csmall peak\u201d in Unspent Transaction Outputs (UXTOs) under six months, which resembles a similar structure observed in 2019. The analyst explained that these UXTOs under six months are new investors (or short-term holders) who entered the market around March of this year when Bitcoin\u2019s price hit a new all-time high (ATH).\u00a0   According to the analyst, the declining proportion of these UXTOs suggests that these investors have either exited the market due to Bitcoin\u2019s choppy price action since March or have held and now transitioned to long-term holders (UTXOs of six months and above). The accompanying chart showed that a similar structure occurred around the halving event in 2019 when Bitcoin also reached a local high. After that, Bitcoin\u2019s price cooled off and took almost 490 days to hit a new ATH, although Avocado_onchain noted that there was also the impact of the COVID-19 pandemic.\u00a0 This development undoubtedly provides insights into what Bitcoin investors could expect from the flagship crypto in the long term, even though its price remains choppy. Avocado_onchain remarked that he is confident about Bitcoin’s long-term upward trend. However, in the short term, he believes it will be wise for investors to \u201ctemper expectations and closely monitor the market.\u201d Meanwhile, although the analyst admitted that there is no clear trigger for a Bitcoin breakout, he noted that the influx of capital from new investors has historically been vital for Bitcoin\u2019s price increases. Bitcoin hit a new ATH in March following the launch of the Spot Bitcoin ETFs, which introduced new money into the Bitcoin ecosystem.\u00a0 Bitcoin Looks To Continue Bearish September Trend Bitcoin looks to continue its bearish September trend this year, with the flagship crypto already down by over 4% since the month began. Historically, September is known to be a bearish month, as data from Coinglass shows that Bitcoin has suffered a monthly loss in six out of the last seven September, dating back to 2017.\u00a0 Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy? Following his simulation of Bitcoin\u2019s price for this month, CryptoQuant\u2019s Head of Research, Julio Moreno, mentioned that, on average, the flagship crypto could end the month at $55,000.\u00a0 Moreno had earlier mentioned that a drop below $56,000 for Bitcoin puts the crypto at risk of a deeper price correction and entering a prolonged bearish phase.\u00a0 For now, the crypto community hopes that the US Federal Reserve will cut rates at its next FOMC meeting, which is scheduled for September 17 and 18. A rate cut is believed to be one that could trigger Bitcoin\u2019s price and lead to a successful breakout above $60,000.\u00a0 At the time of writing, Bitcoin is trading at around $56,400, down over 4% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":639746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-639729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-2019-below-60000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-2019-below-60000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Bitcoin-2.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Bitcoin-2.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-09-04T20:00:05Z","datePublished":"2024-09-04T20:00:05Z","dateModified":"2024-09-04T20:00:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-2019-below-60000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-2019-below-60000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin-2.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin-2.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-09-04T20:00:05Z\",\"datePublished\":\"2024-09-04T20:00:05Z\",\"dateModified\":\"2024-09-04T20:00:05Z\"}<\/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\/2024\/09\/Bitcoin-2.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/639729"}],"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\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=639729"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/639729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/639746"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=639729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=639729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=639729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}