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If the Spent Output Profit Ratio (SOPR) holds the neutral zone as support, history suggests a recovery phase.
Gino Matos 2 min read 
Macro landscape holding Bitcoin in a consolidation range for over 90 days raised risks of the deeper correction.
Short-term holders realize losses as the potential for further downside mounts.
Bitcoin's correlation with the S&P 500 is still high, while gold correlation decreases.
Bitcoin's fate is tied to short-term holder trends and institutional demand with Trump's inauguration causing market jitters.
The cost of holding non-yielding assets like Bitcoin rises when Treasury yields spike.
The demand is met with shrinking sell-side liquidity, but analysts suggest short-term further downside.
Historical indicators suggest Bitcoin's price could soar between $160,000 and $290,000, depending on market dynamics.
According to Bitfinex, December is likely to be volatile as Bitcoin's price teeters between profit-taking long-term holders and mounting short-term demand.
