Bitcoin's short-term holder Spent Output Profit Ratio (SOPR) has dropped to a value of 1, indicating that short-term holders are currently selling at their break-even mark. Historically, whenever the SOPR has dropped to the 1 line, it has provided support to the price and made the indicator rebound back above it. However, if the retest of this crucial level fails, it may indicate a transition back to a bearish period for the cryptocurrency. At the time of writing, Bitcoin is trading around $27,000, down 2% in the last week.
All Comments