{"id":306203,"date":"2023-04-18T00:00:34","date_gmt":"2023-04-17T18:30:34","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=306203"},"modified":"2023-04-17T19:09:18","modified_gmt":"2023-04-17T13:39:18","slug":"analyzing-bitcoins-price-move-heres-how-to-look-at-ongoing-market-correction","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/analyzing-bitcoins-price-move-heres-how-to-look-at-ongoing-market-correction\/","title":{"rendered":"Analyzing Bitcoin&#8217;s price move: here&#8217;s how to look at ongoing market correction"},"content":{"rendered":"<p><em><span style=\"font-weight: 400;\">-Bitcoin experienced a price decline after hitting $30,000, leading to speculations about its future trend.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400;\">-Key metrics like volume, active addresses, and retail investor data suggest FOMO may have played a role in the recent surge.<\/span><\/em><\/p>\n<p><span style=\"font-weight: 400;\">At the onset of the week, <a href=\"http:\/\/ambcrypto.com\/from-bitcoin-spot-to-derivatives-whats-driving-btcs-price\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> took a tumble from the $30,000 price range, causing numerous conjectures about its future trajectory. Is the price decline an indication of an ongoing downturn, or could it be a market correction following FOMO-driven growth?<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin (BTC) Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<h3><b>Bitcoin FOMO uptrend?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Analyzing key metrics such as volume, active addresses, and retail investor data is crucial in determining whether the recent surge of Bitcoin (BTC) into the $30,000 price range was influenced by Fear of Missing Out (FOMO).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <a href=\"https:\/\/app.santiment.net\/charts\/pgGUEL6n__sCl\" target=\"_blank\" rel=\"noopener\">Santiment&#8217;s data<\/a>, BTC volume showed a normal movement until 10 March, after which some significant spikes were observed. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The spike continued until approximately 11 March. During this period of spikes, <a href=\"http:\/\/ambcrypto.com\/bitcoin-btc-stuck-in-new-sideways-structure-will-near-term-bulls-prevail\/\" target=\"_blank\" rel=\"noopener\">BTC<\/a> entered the $28,000 region but did not reach $30,000. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the volume metric indicated regular activity since then, and during this time, BTC crossed the $30,000 mark.<\/span><\/p>\n<figure id=\"attachment_306207\" aria-describedby=\"caption-attachment-306207\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.19.48-17-Apr-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-306207\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.19.48-17-Apr-2023.png\" alt=\"Bitcoin (BTC) volume\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.19.48-17-Apr-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.19.48-17-Apr-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.19.48-17-Apr-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.19.48-17-Apr-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.19.48-17-Apr-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.19.48-17-Apr-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-306207\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">BTC&#8217;s 24-hour active address metric showed regular activity, except for spikes on 14 March and 12 April, which correlated with price movements. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, on both days, the active addresses were 1.06 million, coinciding with the observed price increase. As of this writing, active addresses have decreased to approximately 869,000.<\/span><\/p>\n<figure id=\"attachment_306208\" aria-describedby=\"caption-attachment-306208\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.21.59-17-Apr-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-306208\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.21.59-17-Apr-2023.png\" alt=\"BTC 24-hour active addresses\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.21.59-17-Apr-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.21.59-17-Apr-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.21.59-17-Apr-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.21.59-17-Apr-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.21.59-17-Apr-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.21.59-17-Apr-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-306208\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The behaviors of <a href=\"http:\/\/ambcrypto.com\/are-bitcoin-whales-starting-to-experience-fomo-this-new-data-suggests\/\" target=\"_blank\" rel=\"noopener\">BTC<\/a> holders indicated a strong reaction to its price movements. An analysis of investors holding 1-100, 100-1,000, and 1,000-10,000 BTC revealed periods of accumulation and dumping following price moves. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of this writing, there was a noticeable decrease in the number of investors holding the coin as the price slightly declined.<\/span><\/p>\n<figure id=\"attachment_306209\" aria-describedby=\"caption-attachment-306209\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.24.03-17-Apr-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-306209\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.24.03-17-Apr-2023.png\" alt=\"Bitcoin investor holdings\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.24.03-17-Apr-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.24.03-17-Apr-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.24.03-17-Apr-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.24.03-17-Apr-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.24.03-17-Apr-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/Bitcoin-BTC-12.24.03-17-Apr-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-306209\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h3><b>BTC price correction on a daily timeframe<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">A price decline could be observed when viewing <a href=\"http:\/\/ambcrypto.com\/chatgpt-bitcoin-price-prediction-4\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> (BTC) on a daily timeframe chart. As of this writing, it was trading at approximately $29,900, representing a loss of over 1.5%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The chart also indicated the immediate support levels BTC established before climbing to $30,000. The support region was located at around $27,000 and $26,000.<\/span><\/p>\n<figure id=\"attachment_306210\" aria-describedby=\"caption-attachment-306210\" style=\"width: 1791px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-17_11-28-41.png\"><img decoding=\"async\" class=\"size-full wp-image-306210\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-17_11-28-41.png\" alt=\"BTC\/USD daily timeframe price movement\" width=\"1791\" height=\"809\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-17_11-28-41.png 1791w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-17_11-28-41-300x136.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-17_11-28-41-1024x463.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-17_11-28-41-768x347.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/04\/BTCUSD_2023-04-17_11-28-41-1536x694.png 1536w\" sizes=\"(max-width: 1791px) 100vw, 1791px\" \/><\/a><figcaption id=\"caption-attachment-306210\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Relative Strength Index (RSI) indicated that the current decline in price was a correction. According to the RSI, BTC had been in the overbought zone for several days. Despite the recent drop, the RSI stood at over 63, suggesting a strong bullish trend.<\/span><\/p>\n<h3><b>More sell pressure?\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Following the 7 and 14 March <a href=\"http:\/\/ambcrypto.com\/uncle-sam-lists-bitcoin-for-sale-should-btc-holders-be-concerned\/\" target=\"_blank\" rel=\"noopener\">sales of Bitcoin by the United States government<\/a>, there are still over 41,000 BTCs left to be sold.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The remaining BTC will be sold in four additional batches throughout the year, and each will be sold approximately 73 days apart. According to <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/643af6b718fe0e45165dd1d4-4-Crucial-Dates-That-May-Exert-Additional-Selling-Pressure-on-Bitcoin?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=Quicktake&amp;utm_content=maartunn\" target=\"_blank\" rel=\"noopener\">CryptoQuant<\/a>, the remaining BTCs will be sold on 26 May, 7 August, 19 October, and 30 December. While these sales may exert some pressure on the market, it is difficult to determine the exact impact they will have on the price of BTC.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are 1,10,100 BTCs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Based on the key metrics analyzed, FOMO may have contributed to the increase in <a href=\"http:\/\/ambcrypto.com\/bitcoin-why-this-analyst-and-metric-support-a-btc-long\/\" target=\"_blank\" rel=\"noopener\">BTC&#8217;s<\/a> price. A further price correction may be possible, but a rally could be on the horizon after the corrections are completed.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s recent decline in price has left investors wondering if it&#8217;s the beginning of a downturn or just a correction following FOMO-driven growth. Analysis of key metrics provides some insights.<\/p>\n","protected":false},"author":70,"featured_media":306223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-306203","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Analyzing Bitcoin&#039;s price move: here&#039;s how to look at ongoing market correction - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Although a slight downtrend, the dip in the value of Bitcoin has raised questions about a continuous drop or a slight correction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/analyzing-bitcoins-price-move-heres-how-to-look-at-ongoing-market-correction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyzing Bitcoin&#039;s price move: here&#039;s how to look at ongoing market correction - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Bitcoin&#039;s recent decline in price has left investors wondering if it&#039;s the beginning of a downturn or just a correction following FOMO-driven growth. 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