Analyst: Bitcoin UTXO data points to cycle shift from bearish to bullish
- —The share of Bitcoin UTXO in loss has dropped sharply, historically coinciding with the end of bear cycles
- —BTC is holding above $76,000, with support at $71,300 and resistance at $79,800
- —Over the past month Bitcoin rose 19%, but over the year it fell 35% and is 39% below its high
- —Trading volume fell 24% in 24 hours to $29.5 billion
Why it matters: If the on-chain picture is confirmed, the bear phase could end, and the market's reaction to bad news has already weakened.
Source: CryptoPotato