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Can February see Bitcoin [BTC] do a January? The odds are...
The coin’s UTXO may need to break out of its resistance to sustain January’s momentum while U.S interest rates could also affect BTC’s demand43% hike in January surely brought rays of hope to investors dampened by 2022’s market display. In fact, it was one of the best first month performances of the coin in about ten years.
“The increase in unrealized profits over the last few weeks has led to a dramatic rise in the NUPL value, which is currently at 0.14, higher than before the FTX crash.” At press time, the NUPL’s 0.14 value meant buying at the current BTC price remains risky. Meanwhile, a consistent increase would mean
“If the market price reaches the Realized Price , that level can act as a resistance zone. If it breaks out clearly at that level, it will build momentum into the bull market.”
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