Bitcoin’s UTXO hit 82% in profit- What does it mean for your portfolio?

ambcrypto.com:

Over 80% of the  Bitcoin [BTC]  Unspent Transaction Output [UTXO] hit profit levels,  according  to CryptoQuant analyst Vadym_Za.

The UTXO is a fundamental element of the Bitcoin network, which defines where a transaction starts and finishes. It also describes discrete BTC pieces that can act as input in a new transaction.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

This condition explains that many investors took advantage of the BTC price below $20,000. Also, it indicated that many UTXOs were created within the said period. 

According to the analyst, the last time the market had the metric in a high state was during the 2021 bull market. Notably, it was the period when the king coin traded between $43,000 and $45,000.

Source: CryptoQuant

The journey to this milestone was a result of BTC’s performance over the last few days. Since putting up a 40% increase in January, the coin had slowed down the momentum as the second month began. However, the surge above $24,000 — a 50% value increase since the new year, was vital to the UTXO gains.

Deposit the recently hit landmark, some analysts are of the opinion that there was more uptick to come. Bitcoin’s firm believer and crypto strategic Advisor Ash WSB tweeted that the coin had the potential to cross $25,000 before the week comes to a halt.

Pointing to the 50 and 200 weekly Moving Average (MA), the trader opined that the biggest one-day rally could be surpassed again.

BTC surprised everyone & took a biggest 1 day rally of 12%. Bitcoin have to cross above $25000 to avoid death Cross on weekly chart. pic.twitter.com/6sSjSXDhyP

— Ash WSB