{"id":655020,"date":"2024-11-27T01:30:42","date_gmt":"2024-11-27T01:30:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=655020"},"modified":"2024-11-26T15:33:40","modified_gmt":"2024-11-26T15:33:40","slug":"the-current-correction-in-bitcoin-is-the-last-before-a-major-rally-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/the-current-correction-in-bitcoin-is-the-last-before-a-major-rally-heres-why\/","title":{"rendered":"The Current Correction In Bitcoin Is The Last Before A Major Rally\u2014Here\u2019s Why"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Bitcoin price momentum has grabbed significant attention as it gradually sheds<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-rally-pauses-before-100k-heres-what-could-happen-next\/\" target=\"_blank\" rel=\"noopener \">\u00a0some of its gains<\/a> acquired in the past weeks.<\/p>\n<p data-pm-slice=\"1 1 []\">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 <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-holds-at-93257-as-bulls-struggle-to-avoid-deeper-losses\/\" target=\"_blank\" rel=\"noopener \">trades for $92,476<\/a>. Marking roughly 4.6% drop in the past day alone.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-rally-pauses-before-100k-heres-what-could-happen-next\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Rally Pauses Before $100K\u2014Here\u2019s What Could Happen Next<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">What To Expect From This Current Bitcoin Decline<\/h2>\n<p data-pm-slice=\"1 1 []\">Amid the ongoing correction in Bitcoin&#8217;s price, a recent <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6745a3dbe1767374b97904d6-Bitcoin-is-probably-in-the-middle-of-a-bull-run\" target=\"_blank\" rel=\"noopener nofollow\">analysis<\/a> from CryptoQuant\u2019s BaroVirtual has highlighted the steady decline in Bitcoin reserves across major crypto exchanges. According to the analyst, this pattern indicates a market amid a &#8220;bull run.&#8221;<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/35304\/quicktake\/az0qX_81af196eb80970480e83732604c5308fe9052b7eea5c03110cd7903bd69b61fa.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin Exchange Reserve. \" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Bitcoin Exchange Reserve. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">The analyst drew parallels with the March to November 2020 period, noting that exchange reserves saw a similar decline back then, followed by <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-leverage-remains-high-data-reveals-selling-pressure-above-93k\/\" target=\"_blank\" rel=\"noopener \">substantial inflows<\/a> in December 2020 that fuelled upward buying pressure.<\/p>\n<p data-pm-slice=\"1 1 []\">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.<\/p>\n<p data-pm-slice=\"1 1 []\">BaroVirtual noted:<\/p>\n<blockquote>\n<p data-pm-slice=\"1 1 []\">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.<\/p>\n<\/blockquote>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/iTHe1fwk\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT.P\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<h2 data-pm-slice=\"1 1 []\">Retail Traders Yet to Join The Market<\/h2>\n<p data-pm-slice=\"1 1 []\">Meanwhile, although institutional investors and high-net-worth individuals seem to dominate the current market, retail traders appear to be <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-crash-89000\/\" target=\"_blank\" rel=\"noopener \">lagging<\/a>.<\/p>\n<p data-pm-slice=\"1 1 []\">Another CryptoQuant analyst known as Woominkyu has <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6745528c114d3c55e699ff8b-Retail-Hasnt-Joined-Yet\" target=\"_blank\" rel=\"noopener nofollow\">shed light<\/a> on this trend, noting that the Korea Premium Index\u2014a key metric for retail involvement\u2014remains below -0.5. This figure highlights limited activity from retail participants in the ongoing rally.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/64430\/quicktake\/OAnOOJ_0ddea3386d23fa3d54d7690ead7b3c68e668362cb55b59c31cffc1e01ca6554d.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin Korea Premium Index. \" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Bitcoin Korea Premium Index. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">According to Woominkyu, the Korea Premium Index has historically shown spikes to extreme levels preceding Bitcoin\u2019s price peaks. He emphasized that monitoring this index could provide vital insights into identifying potential market tops.<\/p>\n<p data-pm-slice=\"1 1 []\">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 <a href=\"https:\/\/uniquehot.com\/news\/from-bitcoin-to-altcoins-crypto-inflows-hit-record-3-1-billion-led-by-spot-etfs\/\" target=\"_blank\" rel=\"noopener \">heightened buying pressure<\/a> and potentially drive Bitcoin\u2019s price higher.<\/p>\n<p data-pm-slice=\"1 1 []\">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.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-crash-89000\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Crash Not Over? Why A Decline To $89,000 Is Possible<\/a><\/div>\n<p data-pm-slice=\"1 1 []\">According to <a href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a> 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.<\/p>\n<figure id=\"attachment_655031\" aria-describedby=\"caption-attachment-655031\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-655031 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-26-at-16.06.19.png?w=860&#038;resize=860%2C453\" alt=\"Total crypto liquidation.\" width=\"860\" height=\"453\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-26-at-16.06.19.png?w=2060 2060w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-26-at-16.06.19.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-26-at-16.06.19.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-26-at-16.06.19.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-26-at-16.06.19.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-26-at-16.06.19.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-26-at-16.06.19.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-26-at-16.06.19.png?w=1140 1140w\" sizes=\"auto, (max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-655031\" class=\"wp-caption-text\">Total crypto liquidation. | Source: Coinglass<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price momentum has grabbed significant attention as it gradually sheds\u00a0some 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\u2014Here\u2019s What Could Happen Next What To Expect From This Current Bitcoin Decline Amid the ongoing correction in Bitcoin&#8217;s price, a recent analysis from CryptoQuant\u2019s BaroVirtual has highlighted the steady decline in Bitcoin reserves across major crypto exchanges. According to the analyst, this pattern indicates a market amid a &#8220;bull run.&#8221; 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\u2014a key metric for retail involvement\u2014remains 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\u2019s 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\u2019s 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<\/p>\n","protected":false},"author":580,"featured_media":655034,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,1119,78790,6664,10923,83531],"class_list":["post-655020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>The Current Correction In Bitcoin Is The Last Before A Major Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price momentum has grabbed significant attention as it begins to gradually shed some of its gains acquired in the past weeks...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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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\u2019s 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\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll 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\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d 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\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s 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\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"The Current Correction In Bitcoin Is The Last Before A Major Rally","description":"Bitcoin price momentum has grabbed significant attention as it begins to gradually shed some of its gains acquired in the past weeks...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/bitcoin-news\/the-current-correction-in-bitcoin-is-the-last-before-a-major-rally-heres-why\/","og_locale":"en_US","og_type":"article","og_title":"The Current Correction In Bitcoin Is The Last Before A Major Rally","og_description":"Bitcoin price momentum has grabbed significant attention as it begins to gradually shed some of its gains acquired in the past 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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\u2019s 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\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll 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\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d 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\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s 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\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"The Current Correction In Bitcoin Is The Last Before A Major Rally\u2014Here\u2019s 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