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Home»EXCHANGE NEWS»Are you on the verge of a new record high?
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Are you on the verge of a new record high?

By Crypto FlexsSeptember 6, 20243 Mins Read
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Are you on the verge of a new record high?
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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?

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