On-chain data shows Bitcoin is closing in on a crossover that has historically proved to be bullish for the price of the crypto.
As pointed out by an analyst in a CryptoQuant post, BTC has usually observed a significant rise following the formation of such a crossover.
The relevant indicator here is the “UTXO Age Bands,” which tells us the percentage of the Bitcoin supply that each group is holding right now.
The different Age Bands denote the time period between which each UTXO (or simply, each coin) falling into said band was last moved.
For example, the 6m-12m UTXO Age Band includes the part of the BTC supply that hasn’t been transferred since six to twelve months ago.
In the context of the current topic, the Age Bands of interest are the 1m-3m and the 2y-3y groups. The first of these represents the short-term UTXOs (as they haven’t aged much yet), while the latter denotes the long-term UTXOs.
Now, here is a chart that shows the trend in both these Bitcoin UTXO Age Bands in the last several years:
Looks like the two metrics have been approaching each other in recent days Source: BTCUSD on TradingViewFeatured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Tags: bitcoinBitcoin BullishBitcoin Bullish CrossoverBitcoin CrossoverBitcoin UTXO Age Bandsbtcbtcusd
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