Indicator Shows Bitcoin is “Overbought” as Average Investor Profit Hits 115%
Bitcoin may be forming a mid-term top around its recent highs, with the multiple rejections posted at $13,800 not bearing too well for its short-term outlook The cryptocurrency remains caught within a potent uptrend, but this level is proving to be incredibly difficult for bulls to break If they continue failing to find any stability around this level despite the bullish monthly candle close, it could point to weakness amongst buyers One analytics firm is […]
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As the Bitcoin price declines to $40k, on-chain data shows long-term holders have harvested some profits recently. Bitcoin Long-Term Holder SOPR Shows Some Spikes Recently As pointed out by an analyst in a CrypoQuant post, some BTC long-term holders seem to have participated in profit taking over the past day. The relevant indicator here is the spent output profit ratio (or the SOPR in brief), which tells us about the profit ratio of the whole Bitcoin market. The metric works by checking the past history of each coin being sold on the chain to see what price it was moved at before. If this....
According to on-chain data, Bitcoin SOPR is still assuming flat values, indicating that investors are likely to not be willing to sell at this level. Bitcoin SOPR Stagnates, Despite Huge Rise In The Crypto’s Price As per a post from CryptoQuant, while Bitcoin’s price shows a sharp improvement as the coin reaches $55k for the first time since May, the SOPR is still showing a flattened line. The Spent Output Profit Ratio, or SOPR in short, is a BTC indicator that shows the profit ratio of the whole market. It does so by looking at the chain transactions and comparing the price at....
On-chain data shows the Bitcoin aSOPR profit-loss junction has continued to act as resistance to the price of the crypto. Bitcoin aSOPR Bounces Back Down From The Breakeven Line As pointed out by an analyst in a CryptoQuant post, the aSOPR value equal to ‘1’ line has been acting as resistance for around 185 days now. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether the average Bitcoin investor is selling at a profit or at a loss right now. When the value of this metric is greater than 1, it means the holders as a whole are....
The Bitcoin NUPL indicator shows the market is currently testing a key support level that may be a junction between bullish and bearish trends. Bitcoin NUPL Shows Market Currently Stands At Key Support Level As per the latest weekly report from Glassnode, the NUPL shows that the market has entered a key zone that can decide whether the following trend will be bullish or bearish. The Net Unrealized Profit/Loss (NUPL) is an on-chain indicator that measures the difference between the unrealized profit and loss to check whether the market as a whole is currently in a state of profit or loss.....
The on-chain indicator SOPR suggests that Bitcoin holders have continued to sell at a loss for a while now. This behavior is similar to what was seen during the May-June 2021 mini-bear period. Bitcoin Investors Have Continued To Dump At A Loss For A Month Now As pointed out by an analyst in a CryptoQuant post, the BTC SOPR shows that holders are currently selling at a loss. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether coins moved on a given day were sold at a profit or a loss. The metric measures so by looking at each coin on the....