{"id":640371,"date":"2024-09-07T16:30:01","date_gmt":"2024-09-07T16:30:01","guid":{"rendered":"https:\/\/wncen.com\/?p=640371"},"modified":"2024-09-07T09:25:04","modified_gmt":"2024-09-07T09:25:04","slug":"bitcoin-prints-signal-that-birthed-a-270-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-prints-signal-that-birthed-a-270-rally\/","title":{"rendered":"Bitcoin Flashes On-Chain Signal That Triggered A 175% Rally The Last Time"},"content":{"rendered":"<p><span style=\"font-weight: 400\">A crypto analyst has revealed that the <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-momentum-death-cross-bear-market\/\" target=\"_blank\" rel=\"noopener \">price of Bitcoin<\/a> might be gearing for a fresh rally after the appearance of a bullish on-chain signal.<\/span><\/p>\n<h2><b>Bitcoin UTXOs In Profit At Lowest Level Since 2023 \u2014 Here\u2019s Why<\/b><\/h2>\n<p><span style=\"font-weight: 400\">In a QuickTake post on the CryptoQuant platform, an analyst with the pseudonym EgyHash <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66da15b8f39d071232a96bea-Bitcoin-UTXOs-in-Profit-Drop-to-Lowest-Level-This-Year?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=egyhash\" target=\"_blank\" rel=\"noopener nofollow\">shared<\/a> an interesting on-chain insight into the Bitcoin price. This on-chain observation revolves around the Bitcoin UTXO (unspent transaction output) metric, which tracks the amount of cryptocurrency that remains following the execution of a transaction.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/cardano\/how-cardano-price-will-survive-a-us-recession\/\" target=\"_blank\" rel=\"noopener \">Here\u2019s How Cardano Price Will \u2018Survive\u2019 A US Recession: Crypto Analyst<\/a><\/div>\n<p><span style=\"font-weight: 400\">The percentage of these unspent cryptocurrencies in profit gives an insight into the market&#8217;s current condition. For instance, an increase in Bitcoin UTXOs in profit suggests that most investors are in the green, which can either motivate them to keep faith in the coin or, in some scenarios, push them to take profit. On the other hand, when a higher percentage of <a href=\"https:\/\/wncen.com\/bitcoin-news\/will-bitcoin-repeat-history-analyst-sees-this-2019-pattern\/\" target=\"_blank\" rel=\"noopener \">UTXOs are in loss<\/a>, it means that more investors are holding a loss, suggesting a negative market sentiment.<\/span><\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/565220\/quicktake\/M2dm8_72747b91249d51caa4936c264b6987958e50a3dac94847a0234d89dc48bc35b6.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin\" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Source: <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66da15b8f39d071232a96bea-Bitcoin-UTXOs-in-Profit-Drop-to-Lowest-Level-This-Year?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=egyhash\" target=\"_blank\" rel=\"noopener nofollow\">CryptoQuant<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">According to the CryptoQuant analyst, the percentage of Bitcoin UTXOs in profit has steadily declined, recently falling to its lowest level since October 2023. Data from CryptoQuant shows that the proportion of Bitcoin UTXOs in profit decreased from 99% in June 2024 to 68.5% in September 2024. Interestingly, this market phenomenon has coincided with a recent <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-bearish-lately-cryptoquant-head-chimes\/\" target=\"_blank\" rel=\"noopener \">fall in the price of Bitcoin<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The crypto analyst noted that the decline in Bitcoin\u2019s price seems to be associated with profit-taking, as investors are selling their coins to realize some gain. Meanwhile, this is supported by the aforementioned decline in the percentage of Bitcoin UTXOs in profit. Nevertheless, it may not be all bad news for the premier cryptocurrency with the UTXO metric currently at a multi-month low.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-2019-below-60000\/\" target=\"_blank\" rel=\"noopener \">Historical data<\/a> shows that the proportion of BTC UTXOs in profit being at its current level could be a signal of a market bottom. The last time the Bitcoin UTXOs in profit slumped to 68.5%, the price of Bitcoin rallied 175% from $26,700 to a new all-time high of $73,737. While there is no guarantee there will be a repeat rally from the current point, investors might still want to pay attention to other relevant on-chain metrics.<\/span><\/p>\n<h2><b>BTC Price At A Glance<\/b><\/h2>\n<p><span style=\"font-weight: 400\">As of this writing, the price of Bitcoin is slightly under the $54,000 level, reflecting a 4.1% decline in the past 24 hours. According to data from CoinGecko, the <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-btc-price-50000\/\" target=\"_blank\" rel=\"noopener \">flagship cryptocurrency<\/a> is down by more than 9% in the past week.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/solana\/solana-to-100-inevitable-after-this-break-sol-forms-a-triple-bottom\/\" target=\"_blank\" rel=\"noopener \">Solana To $100 Inevitable After This Break? SOL Forms A Triple Bottom<\/a><\/div>\n<figure style=\"width: 2174px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/dF4wYayW\/\" alt=\"Bitcoin\" width=\"2174\" height=\"1432\"><figcaption class=\"wp-caption-text\">The price of BTC slides below the $54,000 level on the daily timeframe | Source: BTCUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/Z3H3796x\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A crypto analyst has revealed that the price of Bitcoin might be gearing for a fresh rally after the appearance of a bullish on-chain signal. Bitcoin UTXOs In Profit At Lowest Level Since 2023 \u2014 Here\u2019s Why In a QuickTake post on the CryptoQuant platform, an analyst with the pseudonym EgyHash shared an interesting on-chain insight into the Bitcoin price. This on-chain observation revolves around the Bitcoin UTXO (unspent transaction output) metric, which tracks the amount of cryptocurrency that remains following the execution of a transaction. Related Reading: Here\u2019s How Cardano Price Will \u2018Survive\u2019 A US Recession: Crypto Analyst The percentage of these unspent cryptocurrencies in profit gives an insight into the market&#8217;s current condition. For instance, an increase in Bitcoin UTXOs in profit suggests that most investors are in the green, which can either motivate them to keep faith in the coin or, in some scenarios, push them to take profit. On the other hand, when a higher percentage of UTXOs are in loss, it means that more investors are holding a loss, suggesting a negative market sentiment. According to the CryptoQuant analyst, the percentage of Bitcoin UTXOs in profit has steadily declined, recently falling to its lowest level since October 2023. Data from CryptoQuant shows that the proportion of Bitcoin UTXOs in profit decreased from 99% in June 2024 to 68.5% in September 2024. Interestingly, this market phenomenon has coincided with a recent fall in the price of Bitcoin. The crypto analyst noted that the decline in Bitcoin\u2019s price seems to be associated with profit-taking, as investors are selling their coins to realize some gain. Meanwhile, this is supported by the aforementioned decline in the percentage of Bitcoin UTXOs in profit. Nevertheless, it may not be all bad news for the premier cryptocurrency with the UTXO metric currently at a multi-month low. Historical data shows that the proportion of BTC UTXOs in profit being at its current level could be a signal of a market bottom. The last time the Bitcoin UTXOs in profit slumped to 68.5%, the price of Bitcoin rallied 175% from $26,700 to a new all-time high of $73,737. While there is no guarantee there will be a repeat rally from the current point, investors might still want to pay attention to other relevant on-chain metrics. BTC Price At A Glance As of this writing, the price of Bitcoin is slightly under the $54,000 level, reflecting a 4.1% decline in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is down by more than 9% in the past week. Related Reading: Solana To $100 Inevitable After This Break? SOL Forms A Triple Bottom Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":539045,"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":[428,679,93016,1119,1122,78790,83531],"class_list":["post-640371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-utxos","tag-btc","tag-btc-price","tag-btcusdt","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Bitcoin Flashes On-Chain Signal That Triggered A 175% Rally The Last Time<\/title>\n<meta name=\"description\" content=\"A crypto analyst has revealed that the price of Bitcoin might be gearing for a fresh rally after the appearance of a bullish on-chain signal.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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