Three Resistance Levels Revealed By BTC’s UTXO Age Bands

• CryptoQuant has shared new data about BTC’s UTXO age bands.
• These UTXO age bands are showing likely resistance levels.
• BTC is currently trading hands at $16,798.04 after a 0.15% drop in price.

The on-chain data and analytics firm Crypto Quant took to Twitter earlier today to share some new data on Bitcoin’s (BTC) UTXO ( unspent transaction output) age bands. A UTXO is the amount of digital currency remaining after a cryptocurrency transaction is executed. The Tweet focused on the 1-3 month, 3-6 month, and 6-12 month age bands.

The chart provided by CryptoQuant indicates that these UTXO age bands are showing likely resistance levels. The 1-3 month age bands’ resistance lies at $17,8K, while the resistance for the 3-6 month band lies at $21.4K. The resistance for the 6-12 month age band lies at $34.4K.

The amount of unspent BTC UTXO suggests that very little new people are buying BTC, which could have a negative impact on the price of the crypto.

According to CoinMarketCap, BTC is currently trading hands at $16,798.04 after a 0.15% drop in price over the last 24 hours. The crypto king was able to reach a high of $16,878.76 and a low of $16,790.28 over the same time period.

BTC is, however, still in the green by 1.42% over the last seven days. The crypto was also able to strengthen against its biggest competitor, Ethereum (ETH) by about 0.12% over the last day. Looking at the crypto king’s monthly performance, we see that BTC is down by 0.99% over the last thirty days.

Also in the red zone is BTC’s 24-hour trading volume which currently stands at $14,049,485,103 after a more than 13% decrease since yesterday. The market leader’s market cap currently stands at $323,335,742,859.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Post Views: 30