#TopCoinsSeptember #Bitcoin #BinanceSquareFamily
Bitcoin holders are in profit up to 84% as Bitcoin consolidates its position above $63,000
Bitcoin UTXOs (unspent transactions) in profit have increased to approximately 84%, coinciding with the price of the digital asset reaching around $63,800. This marks a recovery from earlier in the summer, when UTXOs in profit fell to around 65% during price corrections below $55,000.
The higher percentage of UTXOs in profit indicates that more holders are currently in profit, which is usually in correlation with positive market sentiment. As the price rises, the proportion of profitable UTXOs tends to increase, indicating potential bullish momentum in the market.
The rise in UTXO profits aligns with historical patterns where increasing profit percentages accompany upward price movements. This metric is a barometer of market sentiment and can influence trading behaviors.
The recovery to 84% of UTXOs in profit suggests renewed optimism among investors following periods of volatility earlier in the year. The highest level this year was reached in March and May, when Bitcoin UTXOs reached almost 100% twice.
