Bitcoin Price Analysis: Can BTC Overcome October’s Market Challenges?
The post Bitcoin Price Analysis: Can BTC Overcome October’s Market Challenges? appeared first on Coinpedia Fintech News
This month, the Bitcoin market opened with a long bearish candlestick. Currently, the market is struggling to break above the opening price of October 1. A recent analysis report published by CryptoQuant indicates that Bitcoin may face short-term corrections. Curious to know more! Dive in!
Recent Shifts in Long-Term and Short-Term Bitcoin Holder Behaviour
The report provides a clear hint about a shift in the market behavior of long-term holders in comparison with that of short-term holders. It reveals that when the realized cap of long-term holders has dropped by $6 billion, the realized cap of short-term holders has increased by the same amount.
A drop in the realization cap of LTH indicates a rise in the level of negative sentiment towards BTC among long-term holders. Meanwhile, an increase in the retaliation cap of STH suggests a surge in the level of positive sentiment towards the cryptocurrency among short-term holders.
Market Response to the Realised Price
The realized price reflects the value of Bitcoin when it was last moved. The chart, shared by CryptoQuant, shows that the BTC price experienced rejection at the Realised Price level. A rejection at this level is generally considered a sign of weakening momentum. Many see this as an early indication of an imminent short-term price correction.
Bitcoin Price Overview: A General Analysis
The Bitcoin market now stands at $62,195. On October 1, the market opened with a price of $63,302. By the time of the close, it dropped to a low of $60,808. BTC has yet not overcome the damage the Israel-Iran conflict inflicted on the entire cryptocurrency market.
In conclusion, the observed trend of long-term holders leaving the market is not encouraging. It may cast a shadow over the general expectation that Q4 2024 will be a golden period for the crypto market. This bitcoin price analysis highlights the current challenges facing BTC.
