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Bitcoin’s price has continued its gradual decline, now trading just above $81,000, marking a significant drop from its all-time high (ATH) in January. At the time of writing, BTC stands at $81,086, reflecting a 1.7% increase in the past 24 hours but still showing a 2.3% decrease over the past week.
The ongoing correction has raised concerns among investors about whether the asset will recover or enter a prolonged consolidation phase. While there is no definitive reason behind Bitcoin’s ongoing price movements, CryptoQuant analyst Darkfost has highlighted an interesting correlation between BTC and Nasdaq
According to Darkfost, Bitcoin is currently more correlated with the Nasdaq index than with the S&P 500, suggesting that macroeconomic factors and broader market sentiment are playing a role in BTC’s performance.
This correlation indicates that external market trends, such as changes in US equity markets and monetary policy decisions, might be influencing Bitcoin’s price direction.
Short-Term Holder SOPR and Bitcoin’s Market Cycle
Amid Bitcoin’s price fluctuations, CryptoQuant analyst Kripto Mevsimi has examined the Short-Term Holder Spent Output Profit Ratio (SOPR) EMA (155), which provides insights into market cycles and investor behavior.
According to Mevsimi, SOPR EMA (155) recently peaked and is now declining, signaling that short-term holders are realizing fewer profits. This trend could indicate that the market is entering a consolidation phase.
The analyst further explained that if SOPR approaches 1 and holds as support, it may signal a healthy market reset before the next potential uptrend. However, if SOPR drops below 1, it could indicate increased selling pressure, which may lead to further market weakness.
Mevsimi emphasized that for Bitcoin’s bullish trend, which began in early 2023, to continue, SOPR should stabilize around 1 and then trend upward again. Failure to hold this level may suggest a shift in market dynamics, putting Bitcoin’s long-term growth trajectory into question.
Whale Accumulation Continues Amid Market Correction
While short-term price action remains uncertain, another CryptoQuant analyst, caueconomy, has highlighted a significant accumulation trend among large Bitcoin holders. Over the last 30 days, Bitcoin whales have added over 65,000 BTC to their holdings, reflecting strong buying pressure from major network participants.
Caueconomy noted that this accumulation is occurring despite the broader market correction, suggesting that whales are absorbing supply rather than selling off their holdings.
This behavior contrasts with miners and exchanges, which often offload BTC to maintain liquidity. If the current accumulation pattern continues for several more weeks, it could resemble the consistent buying pressure seen between November and December, which helped Bitcoin rally in late 2023.
Featured image created with DALL-E, Chart from TradingView
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
