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BTC's UTXO Age Bands Show Three Resistance Levels

Crypto analytics firm CryptoQuant recently shared information on Bitcoin's (BTC) unspent transaction output (UTXO) age bands on Twitter.

Bitcoin Logo
Bitcoin Logo

UTXOs are the remaining amount of digital currency after a cryptocurrency transaction is completed. According to the provided chart, the 1-3 month UTXO age band has a resistance level of $17,8K, the 3-6 month band at $21.4K, and the 6-12 month band at $34.4K.

The low amount of unspent BTC UTXOs suggests a need for new buyers, potentially negatively affecting the crypto's price. At the time of writing, BTC is trading at $16,798.04, experiencing a 0.15% drop in price over the last 24 hours. Despite this, BTC has seen a 1.42% increase in value over the past week and has gained 0.12% against Ethereum (ETH) in the past day. However, BTC has decreased by 0.99% in the last 30 days and has a 24-hour trading volume of $14,049,485,103, a 13% decrease since the previous day. Its market cap currently stands at $323,335,742,859.

BTC Strengthens Against Against ETH, But Overall Monthly Performance Remains Negative

BTC may have gained 0.12% against ETH in the past day, but its overall monthly performance has been negative. BTC is currently trading at $16,798.04 after a 0.15% price drop over the last 24 hours, according to CoinMarketCap. The crypto king reached a high of $16,878.76 and a low of $16,790.28 within the same period.

Regarding its seven-day performance, BTC is in the green with a 1.42% increase in value. However, its monthly performance shows a 0.99% decrease. BTC's 24-hour trading volume is also in the red, at $14,049,485,103 after a 13% decrease since yesterday. Its market cap is currently at $323,335,742,859.

It's important to note that the data provided by CryptoQuant pertains to BTC's UTXO age bands and their potential resistance levels. Other factors, such as market trends and investor sentiment, could also impact BTC's price.