Bitcoin: Why the waters remain calm despite BTC’s decline

With minimal unrealized losses, Bitcoin holders are confident of reaching breakeven point. Meanwhile, traders are targeting $32,000 as BTC’s next stop.The analyst, who wrote about Bitcoin’s market sentiment and impact on holders on CryptoQuant, noted that the decline has left the 1-3 months UTXOs in a favorable position.Onchained came to this conclusion because the 1–3 month UTXO holdings are only a little below the average acquisition price.

Adler, in his post, also considered the state of the Taker Orders. The Taker Orders measure both the bid and ask positions taken by traders in the derivatives market.

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