The $30,000 question: Will Bitcoin [BTC] push through or succumb to the sell-off
According to the analyst, BTC’s price might experience several corrections before breaking through these resistance levels.Tarekonchain’s opinion came after an assessment of BTC’s Unspent Transaction Output index for coins within the 2-3 year age range and held by long-term investors.
Further, the realized price for the 6-12 month index is $28,200, below the 2-3 year range. Tarekonchain found that “historically, every time there was a crossover between these two indexes, a price correction occurred.”Source: CryptoQuant, another pseudonymous CryptoQuant analyst, warned that BTC’s 10K+ UTXO value bands formed another UTXO category to pay attention to.
The movements mirrored those between March and April 2020 during the onset of the Coronavirus pandemic. These movements could be indicative of large holders of BTC accumulating the cryptocurrency at a low price, the analyst opined.
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