Bitcoin

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<ul>
 <li>Bitcoin (BTC) could make a significant advance to and beyond the $47,000 threshold in the short term, but it needs to break a key resistance for that to happen.</li>
 <li>Specifically, the Unspent Transaction Output (UTXO) Realized Price Distribution (URPD) indicates at what prices the existing Bitcoin UTXOs were last moved; each bar represents the amount of BTC moved within that price range.</li>
 <li>As expectations rise for the upcoming halving event and a potential approval for a spot Bitcoin exchange-traded fund (ETF), it could indeed break through and move towards $47,000.</li>
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<p><strong>What could be the next price target for Bitcoin? What do the current on-chain data suggest?</strong></p>
<h2 id="strong-what-s-the-next-target-for-bitcoin-strong"><strong>What’s the Next Target for Bitcoin?</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126515" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-18.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-18.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-18.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-18.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-18.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-18.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-18.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-18.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>While most assets in the cryptocurrency sector have had a slow start to the week, Bitcoin (BTC) could make a significant advance to and beyond the $47,000 threshold in the short term, but it needs to break a key resistance.</p>
<p>As pointed out by a cryptocurrency market analyst, the Unspent Transaction Output (UTXO) Realized Price Distribution (URPD), or the amount of BTC left after each transaction, suggests that the first cryptocurrency is currently facing a “strong resistance at $38,500.”</p>
<p>However, the crypto trading expert also noted that breaking through this barrier “could help BTC move up to $47,360,” observed in the analyst’s shared chart analysis, which is the next significant point.</p>
<figure id="attachment_131707" aria-describedby="caption-attachment-131707" style="width: 100%" class="wp-caption alignnone"><a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-UTXO-URPD-Data.webp?quality=70&amp;ssl=1" rel="noopener noreferrer nofollow"><img loading="lazy" decoding="async" class=" td-modal-image wp-image-131707 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-UTXO-URPD-Data.webp?resize=696%2C431&amp;quality=70&amp;ssl=1" alt="Bitcoin-UTXO-URPD-Data" width="696" height="431" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-UTXO-URPD-Data.webp?w=897&amp;quality=70&amp;ssl=1 897w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-UTXO-URPD-Data.webp?resize=300%2C186&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-UTXO-URPD-Data.webp?resize=768%2C476&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-UTXO-URPD-Data.webp?resize=150%2C93&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/Bitcoin-UTXO-URPD-Data.webp?resize=696%2C431&amp;quality=70&amp;ssl=1 696w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-131707" class="wp-caption-text">
  Bitcoin On-Chain Data
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</figure>
<p>In particular, the UTXO UPRD shows at what prices the existing Bitcoin UTXOs were last moved; each bar represents the amount of BTC moved within that price range. ATH-Partitioned refers to buckets defined by buckets splitting the range between 0 and the current all-time high into 100 equal intervals.</p>
<h2 id="strong-what-s-the-current-state-of-bitcoin-price-strong"><strong>What’s the current state of Bitcoin price?</strong></h2>
<p>The fact is, Bitcoin is currently trading at $37,070; this shows a 1.23% decrease in the last 24 hours while still maintaining a 0.18% increase over the previous seven days and a more significant gain for the past month according to the latest data from November 27.</p>
<p>In fact, the largest cryptocurrency by market capitalization has approached its resistance since reaching $38,190 on November 24, and as expectations rise for the upcoming halving event and a potential approval for a spot Bitcoin exchange-traded fund (ETF), it could indeed break through and move towards $47,000.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/can-bitcoin-price-reach-47000-what-do-the-latest-on-chain-data-indicate/">Can Bitcoin Price Reach $47,000? What Do the Latest On-Chain Data Indicate?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Can Bitcoin Price Reach $47,000? What Do the Latest On-Chain Data Indicate?

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