{"id":336136,"date":"2023-08-17T07:00:08","date_gmt":"2023-08-17T01:30:08","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=336136"},"modified":"2023-08-16T23:13:04","modified_gmt":"2023-08-16T17:43:04","slug":"bitcoin-will-another-sell-off-shape-btcs-short-term-trajectory","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-will-another-sell-off-shape-btcs-short-term-trajectory\/","title":{"rendered":"Bitcoin: Will another sell-off shape BTC\u2019s short-term trajectory?"},"content":{"rendered":"<ul>\n<li><em>The hike in UTXO and whale ratio could force BTC&#8217;s price correction.<\/em><\/li>\n<li><em>Coins in losses were more than those in profit in the short term<\/em>.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> could be at risk of another downtrend despite struggling to sustain mild price rises, according to on-chain analyst SimonaD. Often referred to as the bellwether of the cryptocurrency market, BTC experienced a series of price fluctuations in recent times.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The cryptocurrency&#8217;s price history has shown a pattern of sharp <\/span><a href=\"http:\/\/ambcrypto.com\/how-bitcoin-was-impacted-from-voyagers-latest-actions\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">declines<\/span><\/a><span style=\"font-weight: 400;\"> followed by impressive recoveries. But the possibility of another downward move raises important questions about the factors at play.<\/span><\/p>\n<h4><b>Ready for an imminent pullback<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">While this performance has left investors wondering about the coin\u2019s next move, SimonaD opined that the Unspent Transaction Output (UTXO) could provide some insights. The UTXO refers to the amount of leftover cryptocurrency after a successful transaction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And according to the analyst\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/64db420882e8484d4172bc9a-Use-case-of-UTXOs-in-Profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">publication<\/span><\/a><span style=\"font-weight: 400;\"> on CryptoQuant, Bitcoin UTXOs in profit had reached 79.53%. But considering history, a high UTXO may not necessarily be favorable for the price action. In explaining this, SimonaD wrote,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cUsually, a high percentage of UTXOs in profit it may suggest that we have a risk of sell-off in the next period. When it acted as resistance, we had a price pullback.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Furthermore, the analyst opined that Bitcoin\u2019s health could be threatened due to the current condition of the metric. But this, however, depends on the holders\u2019 <\/span><a href=\"http:\/\/ambcrypto.com\/how-bitcoins-shifting-dynamics-can-affect-btc\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">decision<\/span><\/a><span style=\"font-weight: 400;\"> to sell or stick to their assets.<\/span><\/p>\n<figure id=\"attachment_336141\" aria-describedby=\"caption-attachment-336141\" style=\"width: 1271px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.39.12.png\"><img decoding=\"async\" class=\"size-full wp-image-336141\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.39.12.png\" alt=\"Bitcoin UTXO\" width=\"1271\" height=\"544\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.39.12.png 1271w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.39.12-300x128.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.39.12-1024x438.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.39.12-768x329.png 768w\" sizes=\"(max-width: 1271px) 100vw, 1271px\" \/><\/a><figcaption id=\"caption-attachment-336141\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h4><b>Moving in losses<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Apart from the aforementioned analyst, Phi Deltalytics, also <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/64dc966adcf5141b5e5cfcb5-More-Whale-Inflow-than-Average\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">explained<\/span><\/a><span style=\"font-weight: 400;\"> why Bitcoin could be bearish in the short term. Unlike SimonaD, Phil used the exchange whale ratio to come to this conclusion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exchange whale ratio is the relative size of the top 10 inflow transactions to total inflows. When it&#8217;s below 85%, it signals a bull market. On the other hand, when the metric is above 85%, it indicates possible mass dumping.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From the chart shared by Phil, the exchange whale was at its peak. Therefore, there could be large market moves that force a <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-as-weak-hands-begin-to-capitulate-what-should-you-expect\/\"><span style=\"font-weight: 400;\">price correction<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<figure id=\"attachment_336142\" aria-describedby=\"caption-attachment-336142\" style=\"width: 1271px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.58.53.png\"><img decoding=\"async\" class=\"size-full wp-image-336142\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.58.53.png\" alt=\"Bitcoin exchange whale ratio\" width=\"1271\" height=\"696\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.58.53.png 1271w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.58.53-300x164.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.58.53-1024x561.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-12.58.53-768x421.png 768w\" sizes=\"(max-width: 1271px) 100vw, 1271px\" \/><\/a><figcaption id=\"caption-attachment-336142\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In another CryptoQuant publication, Phil <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/64dc95e7e5b4a636dc3d8de3-Short-term-Sentiment-Remains-Bearish\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">doubled down <\/span><\/a><span style=\"font-weight: 400;\">on his initial bearish stance. This time, he used the adjusted Spent Output Profit Ratio (aSOPR). As a representation of the aggregate profit and loss, the aSOPR compares the profit ratio of the whole market participants.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Values of the aSOPR greater than 1 imply that coins have moved at a profit. When the metric is exactly 1, it suggests that prices are at a breakeven point. And lastly, an aSOPR less than 1 implies that the market is selling at a loss.<\/span><\/p>\n<figure id=\"attachment_336140\" aria-describedby=\"caption-attachment-336140\" style=\"width: 1266px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-13.10.56.png\"><img decoding=\"async\" class=\"size-full wp-image-336140\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-13.10.56.png\" alt=\"Bitcoin's aSOPR and realized price\" width=\"1266\" height=\"701\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-13.10.56.png 1266w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-13.10.56-300x166.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-13.10.56-1024x567.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-16-at-13.10.56-768x425.png 768w\" sizes=\"(max-width: 1266px) 100vw, 1266px\" \/><\/a><figcaption id=\"caption-attachment-336140\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At the time Phil published, the aSOPR was less than 1. Therefore, he concluded that,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cRecent sideway actions have officially turned both aSOPR and short-term SOPR to the below 1 territory. The market is not convinced of the bull side.\u201d<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Considering history, a high UTXO may not necessarily be favorable for the BTC price action. But what else?<\/p>\n","protected":false},"author":72,"featured_media":336139,"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-336136","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 v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin: Will another sell-off shape BTC\u2019s short-term trajectory? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin [BTC] could be at risk of another downtrend despite struggling to sustain mild price rises, according to on-chain analyst\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-will-another-sell-off-shape-btcs-short-term-trajectory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin: Will another sell-off shape BTC\u2019s short-term trajectory? - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Considering history, a high UTXO may not necessarily be favorable for the BTC price action. 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