Related Reading: XRP Has Surpassed Bitcoin, Ethereum, And Solana Combined In This Metric Bitcoin To Meet Critical Short-Term Holders SOPR Resistance In a Quicktake post on Cryptoquant, an analyst with the username tugbachain shared an insight into the Short Term Holder Spent Output Profit Ratio (STH SOPR) of the Bitcoin market. For context, the STH SOPR is a market metric that indicates whether holders are selling their assets at a loss or profit.
While an STH SOPR of 1 states that these investors will break even on their sales. Interestingly, tugbachain reports that the STH SOPR of Bitcoin is currently above 1, meaning that short-term holders are currently in profit. However, the analyst warns that BTC approaches a strong resistance at the 1.03 SOPR region, at which they predict the investors may soon start taking profit which could lead to an intense selling activity. As expected, this would exert downward pressure on BTC’s price.
Albeit, in the presence of the right market conditions such as high buying activity, tugbachain predicts the crypto market leader could overcome this resistance and maintain its present upward trajectory. Related Reading: Bitcoin Nears $60,000 As Putin Signs Law Legalizing Crypto Mining In Russia BTC Price Overview At the time of writing, Bitcoin continues to trade at $60,639 with a 1.01% gain in the last day.
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