Three Resistance Levels Revealed By BTC’s UTXO Age Bands

The on-chain data and analytics firm Crypto Quant took to Twitter earlier today to share some new data on Bitcoin’s (BTC) UTXO ( unspent transaction output) age bands. A UTXO is the amount of digital currency remaining after a cryptocurrency transaction is executed. The Tweet focused on the 1-3 month, 3-6 month, and 6-12 month age bands.

Bitcoin: realized price – UTXO age bands (Source: CryptoQuant)

The chart provided by CryptoQuant indicates that these UTXO age bands are showing likely resistance levels. The 1-3 month age bands’ resistance lies at $17,8K, while the resistance for the 3-6 month band lies at $21.4K. The resistance for the 6-12 month age band lies at $34.4K.

The amount of unspent BTC UTXO suggests that very little new people are buying BTC, which could have a negative impact on the price of the crypto.

Bitcoin / Tether US 1D (Source: CoinMarketCap)

According to CoinMarketCap, BTC is currently trading hands at $16,798.04 after a 0.15% drop in price over the last 24 hours. The crypto king was able to reach a high of $16,878.76 and a low of $16,790.28 over the same time period.

BTC is, however, still in the green by 1.42% over the last seven days. The crypto was also able to strengthen against its biggest competitor, Ethereum (ETH) by about 0.12% over the last day. Looking at the crypto king’s monthly performance, we see that BTC is down by 0.99% over the last thirty days.

Also in the red zone is BTC’s 24-hour trading volume which currently stands at $14,049,485,103 after a more than 13% decrease since yesterday. The market leader’s market cap currently stands at $323,335,742,859.

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