Key Points
- Bitcoin’s 1-7 day UTXO average crossed above the 7-30 day UTXO average, indicating a golden cross.
- Bitcoin’s price has seen an 11.56% increase over the last week.
Bitcoin’s price has seen a significant increase over the past week, with the cryptocurrency’s value currently exceeding $105,000. This price surge, which represents an increase of over 11% in the past week, has been a bullish signal for Bitcoin.
Bitcoin’s Short-Term Outlook Remains Positive
Bitcoin’s 1-7 day UTXO average has risen above its 7-30 day average, according to Burak Kesmeci of CryptoQuant. This crossover indicates that the average cost of Bitcoin acquired over the past week is increasing, suggesting growing interest despite the recent price hikes.
This positive trend suggests that the current price increase is largely supported by new capital inflows. The increase in short-term investors entering the market indicates a strong demand, reflecting Bitcoin’s resilient upward momentum. The emergence of this golden cross suggests that the market is bullish in the short term and that Bitcoin may be well positioned for further gains.
The last time this crossover occurred, the cryptocurrency’s price increased by 67% and rose from $66k to $108k. If history repeats itself, Bitcoin could potentially reach new highs.
Bitcoin’s Momentum and Market Conditions
The recent golden cross corresponds well with the cryptocurrency’s momentum on the price charts. According to AMBCrypto’s analysis, current market conditions and metrics suggest that the upward trend could continue.
Bitcoin’s exchange whale ratio has seen a sharp decrease, indicating bullish sentiment among whales. These large investors are keeping their assets off exchanges and continue to accumulate Bitcoin. Additionally, Bitcoin’s funding has remained positive and is rising, with the funding rate surging to 0.0166. This suggests that investors are more bullish, with a higher demand for long positions than shorts.
Bitcoin’s NVT Golden Cross has also declined sharply, hitting negative territory. This dip could present a buying opportunity, allowing investors to accumulate Bitcoin at its current rates before the cryptocurrency climbs any higher.
If these market conditions persist, Bitcoin could potentially break through the $106k resistance and reach a new all-time high in the short term. However, if short-term investors lose momentum, the price could dip lower.
