- Bitcoin registered a golden cross as the 1-7 day UTXO crossed above the 7-30 day UTXO average
- Cryptocurrency has climbed by 11.56% over the last 7 days
Over the past week, Bitcoin [BTC] has experienced a substantial surge following its low point of $89k a week ago. Currently, the cryptocurrency is worth more than $105,000, marking a significant increase since then. In fact, over the last seven days, BTC has risen by over 11%, making it a favorable investment for many. Consequently, the recent trend in Bitcoin’s value has been decidedly bullish.
Just as anticipated, the recent surge in prices within the cryptocurrency market has sparked excitement about further increases, particularly in the immediate future. This could explain why certain members of the community are proposing that a brief upward trend might soon occur, based on the perspective of very short-term traders.
Bitcoin’s ultra short term remains bullish
As reported by Burak Kesmeci from CryptoQuant, the average of Bitcoin’s Unspent Transaction Output (UTXO) for the timeframe of 1 to 7 days has surpassed the average for the timeframe of 7 to 30 days.
Over the past week, the average cost at which Bitcoin was purchased has been increasing, suggesting a surge in investor interest even amidst recent price increases.
This evidence supports the idea that the current rise in Bitcoin’s price is heavily supported by new investments. Consequently, the increase in short-term investors joining the market suggests a robust demand, which underscores Bitcoin’s persistent growth trajectory. In simpler terms, an increasing number of new investors are showing strong commitment to investing in Bitcoin, even with its fluctuating prices.
Notably, as a golden cross appears, it suggests that the market could be headed towards a bullish trend in the near future, potentially setting Bitcoin up for further increases.
Previously, when this crossover took place, the value of cryptocurrency surged by 67% and went from $66k to $108k. This golden cross suggested that short-term patterns were moving towards a more optimistic direction, indicating an upward trend.
If history is anything to go by, we could see Bitcoin rally again to new highs on the charts.
What’s up on the the metrics front?
The recent golden cross for Bitcoin seems to align with a surge in its price movement on the charts. However, one might wonder if this upward trend can be maintained over time.
Based on AMBCrypto’s assessment, it appears that the current market situation and indicators suggest that the upward trend is likely to continue at this point in time.
For example – Bitcoin’s exchange whale ratio recorded a sharp decline.
The value fell to its lowest point on a weekly basis, mirroring a positive outlook from the ‘whales,’ who appear to be holding onto their Bitcoin rather than selling it and keeping it in their wallets for continued accumulation.
Furthermore, it’s clear that optimism is widespread among market participants, as not only are there signs of bullish sentiment, but Bitcoin’s funding rates have also stayed in positive territory and increased as well.
Indeed, the funding rate climbed up to 0.0166, which indicates that investors have become increasingly optimistic as they prefer taking long positions over short ones, suggesting a greater demand for such positions.
In simpler terms, the Bitcoin NVT Golden Cross has fallen significantly into the negative zone. This drop might suggest a good buying opportunity for investors since they can acquire Bitcoins at current rates, which could potentially be a bargain, as Bitcoin’s price may still have room to rise without becoming excessively costly for new market participants.
Given these market circumstances, there’s a strong possibility that the crypto price might exceed the $106k barrier, potentially reaching a new all-time high shortly. But if the initial enthusiasm among short-term investors wanes, there’s a chance the price may decrease further.
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2025-01-19 15:03