Bitcoin’s consolidation below $68,000 extended throughout this week, with bulls holding steady above the $66,000 support level. Although the cryptocurrency hasn’t seen a significant push to the upside, its ability to avoid a deeper correction means that Bitcoin remains on track to end October on a bullish note. Related Reading: Against All Odds: Solana (SOL) Breaks Past $176 In 3-Month Push In support of this outlook, a crypto analyst has highlighted an emerging trend in Bitcoin’s UTXO metric, which suggests a looming breakout in the crypto’s price. UTXO In Loss Reaches Highest Point Ever The number of Bitcoin UTXO in losses recently reached a new peak on September 11, 2024, surpassing levels last seen during the COVID-19 crash in 2020 and the September 2023 market bottom. This metric, known as Unspent Transaction Output (UTXO), refers to the amount of Bitcoin that remains unspent in a Bitcoin wallet after a transaction. When UTXO is measured in loss, it reflects the number of Bitcoin holdings that would currently sell at a loss compared to the last transaction price from the Bitcoin w ..
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