Following its renewed peak above $73,000 back in March, Bitcoin has been experiencing a prolonged period of price stagnation ever since, leaving many investors wondering about the potential for future movements. According to a recent analysis by a CryptoQuant analyst under the pseudonym ‘Avocado,’ this stagnation may bear a resemblance to a similar pattern observed in 2019. Related Reading: Bitcoin’s Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum – Analyst Why Is Bitcoin Price Still Below $60,000? In the report uploaded on the CryptoQuant QuickTake platform, the analyst suggests that the lack of volatility in Bitcoin’s price is largely due to the increased prevalence of over-the-counter (OTC) trading compared to exchange-based trading, which has reduced the frequency and intensity of price fluctuations. This conclusion was made after the analyst assessed one of Bitcoin’s key metrics—lifespan of UTXOs (Unspent Transaction Outputs)—which is used to analyze investor behavior. By examining UTXOs held for less than six months, the analyst classifies these holders as new investors and compares their behavior to similar periods in previous market ..
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