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Even after the Fed Reserve boosted interest rates by another 75 basis points, the global cryptocurrency market continued to trade in the green. As hope increases for the highly awaited software upgrade of the Ethereum blockchain network, cryptocurrency values today rose for a second day, with Bitcoin trading above the $24,000 level and ether-related tokens leading the gains.
There aren’t many times in Bitcoin’s history that can compare to the current position, according to an analysis by Cryptoquant. The UTXO has been in existence for more than 155 days. Most of these investors bought their shares at a high base price in the hopes that Bitcoin would hit a new record high.
Is this a good time to buy Bitcoin?
The expert made a suggestion that this is a good time to purchase additional Bitcoin. Due to the seller’s movement, the holders are currently under pressure and are compelled to sell. However, deteriorating macroeconomic conditions are putting further strain on it.
During the 2015–2016 weak market, he continued, the profit ratio for long-term Bitcoin investors was below 1.00 for around 400 days. This ostensibly proves that long-term UTXOs were used at a discount to their realized value.
If we look at 2018–2019, the same indicator showed a signal for sales that were losing money for about 320 days. In the meantime, he continued, the holders went to sell at a profit when the BTC price later recovered. According to the research, it had been 65 days since long-term investors first started selling at a loss. For investors holding cash who are waiting for the buildup, this is a promising sign.
The price of bitcoin remained strongly above the $22,000 support region. Above $22,500, it established a base and began a new uptrend. Price was able to pick up steam and move above the $23,000 area of resistance. The bulls drove the price up past the $23,500 barrier and even traded as high as $24,198.. It is currently trading at $24,019 and is up by more than four percent.