Bitcoin has lost more than 10% of its value in less than a week. Some experts expect the fall to continue to USD 50,000; however, the decrease in UTXOs in profit could reflect that bullish days are approaching.
According to data from CryptoQuantthe Bitcoin UTXOs that are recording profits are at their lowest point since September 2023just before the bull market began from October 2023.
If you follow the graph month by month, you can see how With every drop in the percentage of UTXOs in profit, the price of bitcoin rises.
It is worth noting that, since March 2024, when Bitcoin reached its all-time high (ATH), the percentage of UTXO in profit has dropped considerably to its current level of over 67%. That is, more people have been selling their BTC (spending UTXO) to take profits from the market.
Now, the reason why Bitcoin usually rises after the percentage of UTXOs in profit falls is due to the dynamics of supply and demand. The drop could reflect that more people are taking profits, and therefore others are buying at low prices. However, These new UTXOs do not yet reflect profits.
Another bullish data that could support the argument for a possible rise in price is the RSI indicator. This is currently close to the oversold zone above 36 points, which represents another possible bullish signal for the market.