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Bitcoin is experiencing a correction due to capital flowing into commodity markets

On Monday, July 17, there is low trading activity observed in the stock markets. Most retail and institutional investors are allocating their capital between the technology sector stocks and commodities. Oil and precious metals are experiencing minimal price changes.

On the other hand, digital currencies are undergoing a correction today. At the time of publishing this review, Bitcoin was trading at $30,170.

Last week, it came close to $32,000 but quickly dropped below $31,000 due to selling pressure from whales.

bitcoin price

bitcoin price

The Relative Strength Index (RSI) is currently declining, indicating oversold conditions for BTC. At any moment, the bullish trend may return once buyers step back in.

According to CryptoQuant, the SOPR (Spent Output Profit Ratio) index on July 16 rose to 1.0031, indicating an increase in profitable selling of cryptocurrencies. Last Friday, the indicator dropped below 1, causing sellers to incur losses.

The return of SOPR to positive territory signals an improvement in the financial condition of Bitcoin traders.

They are once again making profits, which reduces the risks of a large-scale sell-off in the cryptocurrency market, according to experts.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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