Bullish signal for Bitcoin price (BTC): UTXO distribution

The vast majority of UTXOs are making profits while futures are booming on the Bitcoin price. With an increase of 0.8 percent in the last 24 hours, the Bitcoin price (BTC) is currently climbing to $ 11,309, thus hitting the next important mark of $ 12,500. If the bulls manage the Bitcoin price via the resistance at 11,488, the way to the next price target is clear. The support zone would then stop at $ 10,661. In a weekly comparison, the key crypto currency secures an increase of 3.1 percent and thus underlines the current upward trend in the crypto market. As can be seen from the overall market visualization of Coin360, most coins under the market dominance of the crypto driving horse Bitcoin are currently turning positive.

95 percent of Bitcoin UTXOs make Reibach
The upward trend in the Bitcoin price is also reflected in the profit margin of the UTXOs. UTXO means the Unspent Transaction Output, i.e. all potentially available but not yet issued Bitcoin in the blockchain. In other words, the UTXO set is the total amount of all non-transferred Bitcoin. As the latest Glassnode Week-on-Chain report shows, around 95 percent of Bitcoin UTXOs are currently “in the profit zone” because the Bitcoin price has risen since most UTXOs were introduced.