Start Of Bear Period? Current Bitcoin Trend Looks Similar To June
06 Enero 2022 - 1:00PM
NEWSBTC
Bitcoin on-chain data shows current trend with the short-term
holder SOPR looks similar to that in June. This may mean that a
bear period similar to then has started. Bitcoin Short-Term Holders
Continue To Realize Losses As pointed out by an analyst in a
CryptoQuant post, Bitcoin short-term holders have continued to
realize profits recently, as suggested by the SOPR. This trend may
be similar to the one seen in June. The “Spent Output Profit
Ratio,” or SOPR in short, is an indicator that measures the profit
ratio of the overall market by looking at the price each coin was
sold at and comparing it with the price it was bought at. When the
value of this metric is above one, it means holders are, on an
average, selling at a profit. On the other hand, SOPR values less
than one would mean investors are currently dumping their Bitcoin
at a loss. The value of the metric when exactly equal to one would
imply that the overall BTC market is currently breaking even. A
modification of this indicator is the short-term holder (STH) SOPR.
This metric accounts for only those coins that were held for less
than 155 days before being sold. Now, here is a chart that shows
the trend in the Bitcoin STH SOPR over the past year: The indicator
currently seems to be below one | Source: CryptoQuant As you can
see in the above graph, the Bitcoin STH SOPR has remained below one
for a while now, showing that these holders have been selling at a
loss. Related Reading | Bitcoin Whales Contribute 90% Of Money
Inflow of Exchanges, How Can We Follow and Make Profits? Less than
a couple of weeks back, the indicator retested the SOPR equal to
one trendline. However, it was rejected back downwards. The reason
for the rejection is possibly that since the SOPR = 1 line
represents the “break-even” point, holders would be keen to sell as
soon as the price reaches that point as they would feel they got
their money “back.” Related Reading | Altcoin Underdogs
Outperform Bitcoin To Kick Off 2022 A similar kind of retest of the
metric was also seen back in June, when a mini-bear market period
was going on for Bitcoin. As the indicator was also rejected
downwards then just like now, it’s possible the market may observe
a similar bear market situation. BTC Price At the time of writing,
Bitcoin’s price floats around $42.7k down 10% in the last seven
days. Over the past month, the crypto has lost 12% in value. The
below chart shows the trend in the price of the crypto over the
last five days. BTC's price has crashed down in the past day |
Source: BTCUSD on TradingView Featured image from Unsplash.com,
charts from TradingView.com, CryptoQuant.com
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