Nearly All Bitcoin UTXOs Are In Profit Again

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Although cryptocurrency enthusiasts had to wait for it a while, the Bitcoin price has recorded a new all-time high earlier today. As a result, all Bitcoin UTXOs find themselves in profit, a metric that will likely keep reoccurring in the years to come. Bitcoin remains one of the more viable investments to make, even in 2021.

Bitcoin UTXOs In Profit Peak

Most of the Bitcoin world’s unspent outputs were already in profit since the leading cryptocurrency hit its previous all-time high. However, some people will often buy at the top, making them wait to achieve profit until the price decides to move up again. Unfortunately for those investors, Bitcoin has hit some sideways trading momentum over the past month.

Today, all of a sudden, that momentum came to an end. For reasons unknown, the Bitcoin price decided to move up and record a new all-time high. There is no apparent reason for this momentum, nor does there need to be. Bitcoin is, unlike other financial assets, more than capable of doing things that defy expectations. Recording a new all-time high can happen when people least expect it, as today’s proceedings illustrate perfectly. 

BTC UTXOs profit
Source: Glassnode

With all the UTXOs in profit as of a few hours ago, it will be interesting to see how long this situation remains. A higher Bitcoin price tends to attract interest from more people, yet not all of them will end up in profit right away. Even so, the majority of Bitcoin UTXOs in profit will remain above 99% or close to it for some time to come. After all, the current price is just 0.4% below the most recent all-time high. 

As Bitcoin now approaches the $1.2 billion market cap, things are getting rather interesting. It is the first time in history such a level is reached. Not too long ago, a $1 trillion market cap for Bitcoin seemed virtually impossible. The world’s leading cryptocurrency’s overall value growth is unlike any other asset on the market today. 

How High Can Bitcoin Go?

The next obvious question on many people’s minds is whether the Bitcoin uptrend will continue. It is indeed a possibility, although there must be a ceiling at some point. Some analysts expected a pullback after hitting $60,000 before moving on toward $90,000. That price target might be slightly unrealistic, although Bitcoin tends to do its own thing most of the time.

The first order of business is to hit $70,000 convincingly. As the Bitcoin price moves higher, there will be more market resistance to contend with. For Bitcoin, it remains unclear where the next resistance level will be exactly. A slow and steady uptrend would be beneficial, as the previous two runs have been rather explosive. 

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