Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
Home»EXCHANGE NEWS»Are you on the verge of a new record high?
EXCHANGE NEWS

Are you on the verge of a new record high?

By Crypto FlexsSeptember 6, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Are you on the verge of a new record high?
Share
Facebook Twitter LinkedIn Pinterest Email

As Bitcoin’s unspent transaction outputs (UTXOs) share of revenue falls to its lowest level this year, the cryptocurrency community is increasingly discussing the potential impact this could have on Bitcoin’s price action.

According to CryptoQuant data, only 68.5% of Bitcoin UTXOs are currently profitable, a significant decline that is in line with past market conditions. Historically, the last time BTC UTXO profits reached this level was a precursor to a dramatic price surge.

Bitcoin UTXO Revenues Fall to Lowest Level of the Year

“At the last point when the yield on Bitcoin UTXOs fell to 68.5%, the Bitcoin price surged 273% from $26,700 to $73,000, hitting a new all-time high.” – @cryptoquant_official pic.twitter.com/kmXCpvKqeD

— Cam – Crypto DeGen (@CryptoNews_eth) September 6, 2024

During that period, the price of Bitcoin soared by 273%, rising from $26,700 to an unprecedented $73,000, a new all-time high. This historical pattern has led to speculation among market analysts and investors about the possibility of a similar upward trajectory in the near future.

However, this prediction stands in stark contrast to the current market situation, where Bitcoin is struggling to find support as it struggles to break out of its downtrend.

BTC Price Movement

After hitting $65,050 on August 23, the BTC token has been showing bullish sentiment, falling more than 16% to its current level, finding support. At the time of writing, BTC is trading at $54,212, down 3.41% from the previous day’s price.

BTC/USD 1-day chart (Source: TradingView)
BTC/USD 1-day chart (Source: TradingView)

Technical indicators further support this move, with the MACD indicator suggesting a bearish sentiment in the short term. Likewise, the Chaikin Funds Flow Index, which is below the zero line at 0.12, indicates that selling pressure is still dominant in the market.

Amid this bearish sentiment, the daily market capitalization of the asset has decreased to $1.68 trillion. On the other hand, from an investor’s perspective, the 24-hour trading volume tells a different story. It increased by 27.88% to $39.29 billion. This suggests that despite the negative sentiment, trading activity has increased in the BTC market.

Is a new all-time high possible?

According to data from CoinGlass, the OI-Weighted Funding ratio is trending in the positive territory, increasing by 0.0028% over the last 24 hours. This shows that long holders are more willing to pay a premium to short holders to maintain their positions.

OI Weighted Funding Rate (Source: CoinGlass)OI Weighted Funding Rate (Source: CoinGlass)
OI Weighted Funding Rate (Source: CoinGlass)

Given these market conditions, Bitcoin is expected to find support in the $53,591,000 area. This scenario could signal a reversal of the current downtrend and open the way for the $59,846 resistance level. A break above this threshold could push Bitcoin towards the next barrier of $65,050 and potentially challenge its all-time high of $73,800.

On the other hand, if $53,591,000 fails to hold, BTC is likely to crash to lower lows and fall towards the support levels of $50,500 and $49,352,000, after which it may attempt another bullish move.

Also Read: Cardano Stuck in a Downward Channel, Will It Hold $0.30 for Recovery?

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Tapzi Presale Gains Traction with DeepSnitch AI and Bitcoin Hyper

October 27, 2025

Humanity protocol price rises by 70% with launch of sustainable digital ID

October 24, 2025

Bank of England to introduce stablecoin regulations by 2026

October 21, 2025
Add A Comment

Comments are closed.

Recent Posts

BTC And XRP Prices Fluctuate Dramatically. WOAHash Helps Holders Earn $9,900 In Daily Returns.

October 29, 2025

Acre Launches V2 Platform, Enabling Bitcoin Holders To Earn 14% APY (est.) From Self-Custody

October 29, 2025

BitcoinOS $BOS Token Is Live On Binance Alpha And Top Tier CEX Listings, Advancing Institutional BTCFi

October 29, 2025

MEXC Maintains Strong Financial Stability With Over 100% Proof Of Reserve Across Major Assets

October 29, 2025

Australia provides clarity on cryptocurrency regulation with new guidelines

October 29, 2025

Stake USDT To Earn BTC With Up To 600% APR

October 28, 2025

Coinbase Acquires Echo, Leading On-Chain Capital Raising Platform in $375 Million Deal

October 28, 2025

US Bitcoin reports holdings of 3,865 BTC after recent acquisition

October 27, 2025

Swiss Bitcoin App Relai Acquires MiCA License In France

October 27, 2025

Tapzi Presale Gains Traction with DeepSnitch AI and Bitcoin Hyper

October 27, 2025

The first extension for Solana developers

October 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

BTC And XRP Prices Fluctuate Dramatically. WOAHash Helps Holders Earn $9,900 In Daily Returns.

October 29, 2025

Acre Launches V2 Platform, Enabling Bitcoin Holders To Earn 14% APY (est.) From Self-Custody

October 29, 2025

BitcoinOS $BOS Token Is Live On Binance Alpha And Top Tier CEX Listings, Advancing Institutional BTCFi

October 29, 2025
Most Popular

Vana Mainnet powers data as a new asset class for the global AI economy with $VANA.

December 16, 2024

Binance Launches World’s First Cryptocurrency Three-Party Trading

December 3, 2023

The analyst names two altcoins that could surge around 600% this cycle and updates his outlook for Dogecoin.

November 4, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.