{"id":372640,"date":"2024-02-28T01:00:37","date_gmt":"2024-02-27T19:30:37","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=372640"},"modified":"2024-02-27T18:47:03","modified_gmt":"2024-02-27T13:17:03","slug":"bitcoin-why-a-correction-around-60k-may-be-good-for-btc-traders","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-why-a-correction-around-60k-may-be-good-for-btc-traders\/","title":{"rendered":"Bitcoin: Why a correction around $60K may be good for you"},"content":{"rendered":"<ul>\n<li><em>About 95% of the supply was in profit at press time.<\/em><\/li>\n<li><i>A correction might follow once Bitcoin breaches $60k.<\/i><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> lifted 9.31% in the last 24 hours to breach $57k for the first time since November 2021. Yes, the same November 2021 during which the king coin sailed to its all-time highs (ATH).<\/p>\n<p>The market most likely reacted to MicroStrategy&#8217;s <a href=\"https:\/\/x.com\/saylor\/status\/1762101030336999899?s=20\" target=\"_blank\" rel=\"noopener\">acquisition<\/a> of 3,000 Bitcoins during the month of February, taking its overall Bitcoin holdings to a whopping 193,000 Bitcoins. Note that MicroStrategy is the largest corporate owner of Bitcoin.<\/p>\n<h4><strong>Bitcoin rises from the ashes<\/strong><\/h4>\n<p>The world&#8217;s largest digital asset was up more than 200% from its bottom during the crypto winter of 2022 &#8211; the time when sentiment around digital assets hit a rock bottom.<\/p>\n<p>However, navigating through the challenging times, Bitcoin now stands as one of the most lucrative assets that one could include in their investment portfolio.<\/p>\n<p>As of this writing, the leading crypto was exchanging hands at $56k, according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, with experts pinning their hopes high on the magical $69k figure.<\/p>\n<p>About 95% of the supply was in profit at press time, as per AMBCrypto&#8217;s assessment of Santiment&#8217;s data. With an eye on $69k, the network was inching closer to 100% profitability.<\/p>\n<figure id=\"attachment_372682\" aria-describedby=\"caption-attachment-372682\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-supply-in-profit.png\"><img decoding=\"async\" class=\"wp-image-372682 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-supply-in-profit.png\" alt=\"Bitcoin supply in Profit\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-supply-in-profit.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-supply-in-profit-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-supply-in-profit-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-supply-in-profit-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-supply-in-profit-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-supply-in-profit-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-372682\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h4><strong>Watch out for this levels<\/strong><\/h4>\n<p>Noted crypto market analyst Ali Martinez dubbed this phase as one of &#8220;hope&#8221;, a market psychology when investors start believing that the rally would continue. His advice to investors &#8211; take any <span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">\u00a0correction as an opportunity to buy the <\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">dip.\u00a0<\/span><\/p>\n<p>Well, corrections are inevitable as investors look to profit-take, aren&#8217;t they? But how soon will the next come?<\/p>\n<p>A researcher and verified author on CryptoQuant <a href=\"https:\/\/x.com\/cryptoquant_com\/status\/1762200060064895076?s=20\" target=\"_blank\" rel=\"noopener\">predicted<\/a> a macro correction once Bitcoin&#8217;s supply in profit exceeds 96%. The forecast was based on historical trends.<\/p>\n<blockquote><p>&#8220;I think we can assume that soon, the price will rise to the level of 55-60K or even form a new ATH, after which, the market will go into a correction, at the end of which a bull rally will begin.&#8221;<\/p><\/blockquote>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">BTC&#8217;s Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p>The rally spurred a 8% rise in Open Interest (OI) in Bitcoin futures market, according to AMBCrypto&#8217;s analysis of Coinglass&#8217; data.<\/p>\n<p>In fact, the OI, a proxy for total money invested in the derivatives market, was at an ATH of $25.51 billion as of this writing.<\/p>\n<figure id=\"attachment_372706\" aria-describedby=\"caption-attachment-372706\" style=\"width: 1119px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-futures-open-interest.jpg\"><img decoding=\"async\" class=\"size-full wp-image-372706\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-futures-open-interest.jpg\" alt=\"Bitcoin futures open interest\" width=\"1119\" height=\"346\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-futures-open-interest.jpg 1119w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-futures-open-interest-300x93.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-futures-open-interest-1024x317.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/bitcoin-futures-open-interest-768x237.jpg 768w\" sizes=\"(max-width: 1119px) 100vw, 1119px\" \/><\/a><figcaption id=\"caption-attachment-372706\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Corrections are inevitable as investors look to profit-take. Here&#8217;s why it shouldn&#8217;t deter traders.<\/p>\n","protected":false},"author":80,"featured_media":372648,"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],"tags":[],"class_list":["post-372640","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social"],"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: Why a correction around $60K may be good for you - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin [BTC] lifted 9.31% in the last 24 hours to breach $57k for the first time since November 2021, as broader sentiment turned bullish.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-why-a-correction-around-60k-may-be-good-for-btc-traders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin: Why a correction around $60K may be good for you - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Corrections are inevitable as investors look to profit-take. 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