Is Bitcoin down trend coming to an end?

Most traders enter the market knowing Bitcoin is a very volatile asset. But newcomers may not expect to experience huge price swings so soon-Bitcoin is down over 20% after reaching the new all-time high of $42,000. After several failed attempts to reclaim $35,000, it seems that Bitcoin is trapped at $32,000 with the possibility of visiting 20K again. 

According to the Bitcoin spent output ratio of Glassnode, hodlers may step in if the price of Bitcoin continues to drop. This ratio evaluates whether hodlers are selling at a profit or loss. A figure above 1 would indicate that hodlers are selling at a profit. When this figure drops below 1, selling will stop thus reducing the selling pressure of the market. 

glassnode Bitcoin

Analysts CryptoHamster shared his view that the SOPR ratio suggested the correction is drawing to a close:“ Spent Output Profit Ratio in a bull market shows the point when correction is over (SOPR~1). It worked perfectly in 2016-2017. 

So, if we are in a bull market now, according to SOPR the correction is not over yet, but it will end soon.”

No matter which way Bitcoin goes, traders can earn profits by trading futures. Established in 2017 and headquartered in Hong Kong, Bexplus is a leading crypto derivatives trading platform offering 100x leverage futures trading on BTC, ETH, LTC, EOS, XRP etc. Following the next few steps, you can start to grow your wealth.

Sign up 

Bexplus requires no KYC, so you only need to open an account with an Email address, in just 1 minute. Once registration is complete, a trading account and a demo account with 10 BTC are opened automatically.

Risk-free trading with 10 BTC

Bexplus is a user-friendly platform featuring a demo account. Traders could use the demo account to improve their skills and learn to control their emotions. Inside the demo account is 10 BTC, and they are replenishable. The demo account is a sandbox for traders to try out different strategies without worrying about losing money. 


Make a deposit and claim bonuses

No deposit fee is needed. Traders can start by depositing 0.001 BTC. Bexplus supports Bitcoin, ETH, and 11 other cryptocurrency deposits, as well as USD, EUR, and GBP deposits. Withdrawal requests are handled 24/7, and it only takes about one hour during workday. 

To enhance traders’ profitability, Bexplus offers a 100% deposit bonus to every trader. Deposit 1 BTC and you will get 2 BTC, and up to 10 BTC is available for each deposit. The bonus is not withdrawable but could be used as margin. 


Earn passive income with Bexplus

Bexplus interest wallet offers up to 30% annualized interest. For those who want to hodl Bitcoin, the Bexplus wallet is an ideal place to earn passive income. 

The interest is calculated daily and the revenue of the deposit will be settled monthly. The monthly interest is calculated as (S*I/365*30)=MI. S represents the sum of the deposit, I stands for interest, and MI is the monthly interest.

If you deposit 10 BTC in your wallet, the monthly interest you would receive is (10*30%/365*30)=0.24 BTC. While most lending platforms require traders to deposit at least 1 BTC, traders can make a deposit starting from 0.05 BTC on Bexplus.

Bexplus platform has everything you need in becoming a successful trader, from educational materials to your own account manager. No matter which way Bitcoin goes, you can always find opportunities at Bexplus. Meanwhile, if you want to improve your trading skills, Bexplus analysts are always ready to help. 

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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