On-Chain data Bitcoin UTXO hit 82% in profit. A dead cross surfaces indicating a discount buying opportunity
Bitcoin’s (BTC) price remains sidelined after hitting its highest level since August 2022 around $25,270. Investors are anxious ahead of FOMC Minutes and waiting for the next directional setup. One of the popular On-Chain metrics UTXO is signaling an interesting signal as per CryptoQuant.
As can be seen, the dead cross happen just two times since the birth of bitcoin. This means the end of the bearish market for bitcoin.
What IS DEAD CROSS
A dead cross happened where the short-term UXTO dominance (1m~3m) falls below the long-term (2y~3y) UXTO dominance.
UTXO, an unspent transaction output(UXTO) could define a discrete price of bitcoin. Utxo’s can be split into any ratio to make payments in any denomination.
On the daily chart, the bitcoin price is consolidating below $25k. The bulls managed to flip the $24,250 resistance into support and waiting for further confirmation.
Buyers kept the buying momentum with the flag formation from the lows of $16,900. To validate the break away the price could test $23,500 in the short term. As, the rsi, the momentum oscillator could turn bearish if falls below the average line.
Then, BTC buyers could again accumulate and start the price to move beyond $25k.
