The cryptocurrency market has seen a flurry of activity recently, with Bitcoin surging past the crucial $30,000 mark for the first time in two months. This increase in price has led to 86.24% of Bitcoin UTXOs (Unspent Transaction Outputs) being in profit, a significant jump from last month. However, the 50-day simple moving average (SMA) for Bitcoin UTXOs in profit currently stands at 75%, indicating a downward trend in overall profitability over the past two months. What could be causing this discrepancy, and how might it impact the market's future trajectory? Find out by subscribing to Alpha...
Over 86% of unspent Bitcoin in profit as BTC continues to trade above $30k Over 86% of unspent Bitcoin in profit as BTC continues to trade above $30k
Bitcoin has maintained the $30,000 level throughout the weekend, putting 86.24% of UTXOs in profit. However, the decreasing 50-day SMA suggests that despite the recent surge in Bitcoin's price, the overall profitability of UTXOs has been on a downward trend over the past two months.
3 min read
Updated: Jun. 26, 2023 at 5:41 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.