Bitcoin failed to maintain its position above $27,500, indicating the possibility of a drop to $23,000. The short-term SOPR for Bitcoin has risen above 1, suggesting that short-term holders are selling at a profit. Despite a surge in Bitcoin's price earlier this week, it quickly eroded and is currently trading at a 0.64% decrease at $27,754. The short-term holders of Bitcoin have been selling at a profit, as indicated by the seven-day moving average of the short-term holder's spent output profit ratio (SOPR) moving back above 1.
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