Bitcoin Market Outlook and CSO reward by ProEX

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Last Updated on November 23, 2022 by Bitfinsider

Bitcoin Market Outlook for November 

On November 19, Bitcoin (BTC) experienced its lowest Spent Output Profit Ratio (SOPR) since March 2020.

Furthermore, it is made known that at the time of publication, BTC’s SOPR was 0.984. The indicator hitting its lowest point suggested that most holders sold their BTC at a loss.

Another situation could be in play because the SOPR was less than one. Of course, it was practically a given that the daily moving coins would be sold for less than they were paid for.

It was also possible that realized profits were saved rather than dispersed. If so, it would be challenging for BTC to leave the previously mentioned dropping volumes. Since November 18, Bitcoin’s volume has not increased as of the time of this writing. In the last 24 hours, its volume decreased by 14.27% to $23.02 billion, according to CoinMarketCap.

Many long-term investors were still making money despite the drop. The Unspent Transactions Output (UTXO) position provided confirmation of this. At the time of publication, Glassnode reported that the UTXO had 93,963,834 in profits. This suggested that these addresses had purchased Bitcoin for less money than it is currently worth. As a result, they have continued to make money without trying to sell their assets.

On the other hand, UXTO with losses lagged those with gains. According to Glassnode, these addresses reached 42,516,192 people. It was significant to remember that those losses increased to $16,000 after BTC’s collapse. The value of UXTO in earnings can be viewed as being modest at the same time. As a result, its present position might be an indication that the BTC market bottom was imminent.

It’s possible that investors believed the current region to be the final base. Though there were conflicting signals on the four-hour chart. The Bollinger Bands (BB) on the chart indicated modest volatility, suggesting that BTC could not immediately erupt within the present levels.

The Exponential Moving Average (EMA) similarly confirmed the BB’s signals. The 50 EMA (yellow) was above the 20 EMA at the time of publication (green). This position meant that there was almost little chance of a clear short-term relief.

The 200 EMA duration, however, seemed to support a recovery. The BTC holder may have to be patient because the 200 EMA is over the shorter period.

ProEX Campaign! CSO for every one!

ProEX is more than just an exchange. It’s a crypto community that brings together people with diverse crypto and blockchain interests.

Anyone in the world can join the ProEX community for free. You can join the community whether you are a developer, HODLer, or ProEX user. Indeed, the more diverse talents that join the community, the stronger it becomes. You can find out more about their communities here.

In response to the support of ProEX users who have been following ProEX since the beginning, ProEX is having the biggest promotion season of the year, and ProEX will hold an event “CSO for every one! Huge rebates, double reward ”. During the event, visit ProEX and buy enough CSO to get the corresponding discounted rewards and also be rewarded with CFO tokens. 

Event Details:

Event Rewards:

Event Duration: (UTC+8) 11/11 00:00 ~ 12/01 23:59

Event Rules: 

  1. All participants must pass KYC to be eligible for rewards.
  2. During the event, the threshold must be reached to be eligible to participate in the share and enjoy the fee reduction.
  3. Rewards will be issued to the winner’s ProEX account 14 business days after the end of the campaign.

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.