Last Updated on November 23, 2022 by Bitfinsider
Bitcoin Market Outlook for November
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.
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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.