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The data on the series shows that the Bitcoin Index re -testing a level that works historically as a border line between the landfill and fixed momentum.
Bitcoin holder in the short term SOP
In new mail In X, Glassnode discussed the analysis companies in the latest direction in the proportion of the SOPR for its owners in the short term.
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“SOPR” here refers to an indication of the series that tells us whether bitcoin investors as a whole sell or transport their metal currencies with profit or loss.
When the value of this scale is greater than 1, this means that the average holder of the original is sold with a net profit. On the other hand, the presence of this threshold indicates that the total market achieves a net loss.
Of course, SOPR is completely equal to level 1 means that the profits achieved by investors cancel the losses, so it can be assumed that the medium pregnant woman is merely destroying their transactions.
In the context of the current topic, the SOPR for only a specific investor group is of importance: short -term holders (STHS). The Sths includes Bitcoin investors who have bought their symbols over the past 155 days.
Now, here is the graph that the analysis company that shows the direction on the 7 -day moving average (MA) for Bitcoin St Sopr over the past few months:
As visible in the graph above, the Sophie Bitcoin Sth decreased under one mark earlier in the year, which means that STHS took the loss as the price of encoded currency was transmitted in a declining path.
Recently, though, the scale has now recovered and has now returned to the level of a tie. “Historically, a fracture above 1.0 confirms a shift in momentum, while failure to do so often leads to the regeneration of sale pressure,” explains Glassnode.
However, the level of the above level is not a simple task, because it is a major psychological level for Sths. These investors are by defining them, the entities that are either new in the market or are not resolved enough to maintain long periods, so that they can be vulnerable to panic sale.
When the Sth Sopr rises to one sign, this means that these investors, who were forced to lose in the sale earlier, are able to cut again. Selling pressure can increase when this happens, as STHS is in a way to recover their money. “
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The last time Bitcoin witnessed that the index re -testing this level returned in January. From the graph, it is clear that it was successfully found at the time, although it was only short -term.
It remains now to see whether the scale can rise to the profit area this time as well or not.
BTC price
Bitcoin has slipped over the past few days, with the price of $ 94500.
Distinctive image from Dall-I, Glassnode.com, Chart from TradingView.com
