Short-term Bitcoin holders have not experienced significant losses since June, according to his analysis on the Crypto Quant website. Furthermore, the analyst stated that long-term holders had contributed to the BTC price decline. Furthermore, there could be no relief anytime soon, as there were clear signs of a bearish divergence.
Despite this, short-term traders have made some money, as evidenced by the Spent Output Profit Ratio (SOP). Long-term investors were at risk of further depreciation. However, the SOP was not the only factor influencing the current state of BTC. According to Chartoday, BTC could follow the 2018 capitulation trend, when the king coin fell from $6,000 to $3,000. The fact that the Miner Position Index (MPI) was only slightly higher than
The June 2022 capitulation revealed that BTC was likely to fall further in the medium to long term. At the time of publication, the long-term SOP indicated that BTC was already preparing for further capitulation. According to Crypto Quant data, the long-term SOP, which indicated profits 
According to Glassnode, futures volume across all exchanges had increased since its drop on October 19. At the time of publication, the volume stood at $25.82 billion. Despite the BTC price of $19,162, this increase indicated that BTC traders were confident of profit. While interest has returned, recent liquidations have fallen short of the previous 24 hours. Still, long-term traders may not reap the majority of the benefits from the derivatives market. The BTC/USD chart, on the other hand, may have different thoughts. BTC was likely to maintain a bearish momentum in the short term, according to the four-hour chart. This was due to the fact that the blue 20-week Exponential Moving Average (EMA) was significantly lower than the 50 EMA (yellow). Investors may have found some relief over the longer 200-week period. With
Back in August, it was 0. "A decelerating positive correlation with SPX/QQQ and a rapidly rising correlation with XAU indicate that investors may view Bitcoin as a relatively safe haven as macro uncertainty persists; a market bottom remains to be seen," the strategists write. So, what makes this metric good for Bitcoin? During economic downturns, people flock to invest their money in one asset or another. Most investors' preferred assets are typically real estate or gold. Because of the inflation in the real estate market, gold is the next viable option. This is where its strong correlation with Bitcoin comes into play. Investors are likely to view the flagship cryptocurrency as an alternative investment. Earlier this month, Kano Research reported that Bitcoin
and the gold correlation was at an all-time high. This was based on the firm's macro trend studies. The strengthening of the US dollar against other fiat currencies, such as the Pound and Euro, as well as the US Federal Reserve's repeated interest rate hikes, were identified as reasons for the increase in correlation, among other factors. According to CoinMarketCap, the king coin is currently trading at $19,183, up 1.20% from the 21st of October. Its market capitalization was $368 billion, with a $28.5 billion 24-hour trading volume.
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