Analysis: Bitcoin's Net UTXO Supply Ratio triggers a buy signal for the first time since November 2022, but bottom confirmation still awaits.

ME News reports that on July 3 (UTC+8), CryptoQuant analyst Axel Adler Jr. released a report indicating that Bitcoin’s Net UTXO Supply Ratio has entered the buy zone for the first time since November 2022, triggering buy signals over several trading days from late June to early July. Historically, such signals often appear near cycle lows, giving them some reference value. However, confirming a bottom still requires observing whether this ratio stabilizes in positive territory alongside a price increase; if it returns to negative values, it could become a false signal.
Meanwhile, the Supply in Loss indicator shows that the fast moving average has exceeded 50% since late June, meaning over half of Bitcoin is in unrealized loss; however, the slow moving average remains around 40%. If the loss proportion holds at its current level, the slow moving average will need approximately 7 to 8 weeks to reach the 50% threshold. The report emphasizes that until the slow moving average hits 50%, it is more accurate to characterize the current phase as "surrender in progress" rather than "surrender completed."
Overall, the Net UTXO Supply Ratio has given a reversal signal, and the Supply in Loss indicator confirms that the market is under pressure, but the slow moving average has not yet reached the levels historically associated with the final cycle bottom. The buying window is opening, but final confirmation of a bottom still requires the slow moving average to reach 50% and the Net UTXO Supply Ratio to remain positive. (Source: PANews)
BTC0.62%
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