Bitcoin is presently facing a lot of pressure from the community to breakout. However, there is massive resistance to the top and major support at the bottom, which has caused the cryptocurrency’s price to consolidate and move sideways.
Since the price is stagnating, a lot of people in the community have started to hodl as they add to their ‘BTC bags.’ UTXO refers to the unspent output transaction of Bitcoin. When compared, it gives information about the amount of time Bitcoins have been sitting in the wallet.
The image attached below indicates the same,
The green line indicates that the number of UTXO has increased over the years, despite the drop in price. This is an indication of the fundamentals of Bitcoin getting stronger as more and more people understand the technology behind it and accept it.
The fact that Bitcoin is well known, and is expected to be a store of value in the future, while possibly exceeding the $7 trillion market cap of gold, also contributes to the UTXO rising.
Additionally, a total of 8,810 BTC was moved to a wallet in block 566927 on March 13, 2019, at 21:52 UTC. The transaction cost was a mere $0.89 or 0.00022916 BTC. The 8,810 BTC was further split into two and moved to two separate wallets.
This is just another one of those movements where large sums of cryptocurrencies are being accumulated, in anticipation of the bull run ahead. The same day witnessed more BTCs being moved by different entities, including the transfers of sums such as 2600 BTC, 700 BTC, 942 BTC, 939 BTC etc.
Some prominent people in the cryptocurrency space have argued that Bitcoin has already bottomed and that the bull run has already started, while others argue that it is yet to bottom.
Moreover, Bitcoin market sentiment is positive, and so is the 30-day average market cap of Bitcoin, a positive sign for the world’s largest cryptocurrency.
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