The Current Correction In Bitcoin Is The Last Before A Major Rally—Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,911,044,021,495	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,911,044,021,495

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-675.86	-0.69%	96,809.22	96,809.23	96,813.46

Price Change

Price Change %

Current Price

Bid Price

Offer

-675.86

-0.69%

96,809.22

96,809.23

96,813.46

High Price	Low Price	Open Price	Prev. Close	52 Week Range
97,400.00	96,355.13	97,362.58	97,485.08	37,500.00 - 99,860.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

97,400.00

96,355.13

97,362.58

97,485.08

37,500.00 - 99,860.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:58:49	0.000143	96,809.23	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:58:49

0.000143

96,809.23

USD

Price x Volume	Volume	Base Symbol	Related Pairs
220,360,255.82	2,275.94	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

220,360,255.82

2,275.94

The Current Correction In Bitcoin Is The Last Before A Major Rally—Here’s Why

27/11/2024 1:30am

NEWSBTC

Bitcoin price momentum has grabbed significant attention as it gradually sheds some of its gains acquired in the past weeks. So far, Bitcoin has plunged 7.6% from its all-time high (ATH) of $99,645 seen last week. Particularly, at the time of writing, the asset trades for $92,476. Marking roughly 4.6% drop in the past day alone. Related Reading: Bitcoin Rally Pauses Before $100K—Here’s What Could Happen Next What To Expect From This Current Bitcoin Decline Amid the ongoing correction in Bitcoin’s price, a recent analysis from CryptoQuant’s BaroVirtual has highlighted the steady decline in Bitcoin reserves across major crypto exchanges. According to the analyst, this pattern indicates a market amid a “bull run.” The analyst drew parallels with the March to November 2020 period, noting that exchange reserves saw a similar decline back then, followed by substantial inflows in December 2020 that fuelled upward buying pressure. The conclusion? The current dip in exchange reserves suggests that participants who missed earlier accumulation opportunities may now be entering the market before the next price surge. BaroVirtual noted: Some market participants who have not properly accumulated Bitcoin earlier are likely doing so now, realizing that this is likely the last downward correction before another upward price surge. Retail Traders Yet to Join The Market Meanwhile, although institutional investors and high-net-worth individuals seem to dominate the current market, retail traders appear to be lagging. Another CryptoQuant analyst known as Woominkyu has shed light on this trend, noting that the Korea Premium Index—a key metric for retail involvement—remains below -0.5. This figure highlights limited activity from retail participants in the ongoing rally. According to Woominkyu, the Korea Premium Index has historically shown spikes to extreme levels preceding Bitcoin’s price peaks. He emphasized that monitoring this index could provide vital insights into identifying potential market tops. It is worth noting that the absence of retail traders in the recent crypto rally is quite noteworthy, as their eventual participation could lead to heightened buying pressure and potentially drive Bitcoin’s price higher. At the time of writing, the crypto market is facing a bloodbath, with the global crypto market cap valuation sipping by nearly 6% in the past day to a current valuation of $3.34 trillion. Related Reading: Bitcoin Price Crash Not Over? Why A Decline To $89,000 Is Possible According to data from CoinGlass, in the past 24 hours, 206,491 traders have been liquidated, with the total liquidation of the crypto market is roughly $624.99 million. Featured image created with DALL-E, Chart from TradingView

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