This Bitcoin Metric Is At A Crucial Junction, Will Bulls Find Victory?
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On-chain data shows a Bitcoin indicator is currently retesting a crucial level that could decide the direction the market takes from here. Bitcoin Short-Term Holder SOPR Has Plunged To A Value Of 1 As pointed out by an analyst in a CryptoQuant post, the short-term holders are currently selling at their break-even mark. The relevant indicator here is the “Spent Output Profit Ratio” (SOPR), which tells us whether Bitcoin investors are moving their coins at a profit or at a loss right now. When the value of this metric is greater than 1, it means the average holder in the
On-chain data shows the Bitcoin Spent Output Profit Ratio (SOPR) has bounced back into the profit zone with the latest rally above $30,000. Bitcoin SOPR Has Successfully Retested 1.0 Support Line According to data from the on-chain analytics firm Glassnode, investors are now selling their coins at a profit. The…
It has been an unpredictable few months for the price of Bitcoin and the cryptocurrency market since the start of the year, and even as far back as the election of Donald Trump for his second term as US president. According to data from CoinGecko, the premier cryptocurrency is down…
The price of Bitcoin has continued to maintain an impressive recovery trajectory following an earlier dip in the week, which saw the asset trade below the $50,000 price mark. The crypto market leader was greatly affected by a widespread decline in the global financial markets, losing over 16% of its…