New data hints why Bitcoin price action has spent two months at $30K

New data hints why Bitcoin price action has spent two months at $30K

Multiple factors demonstrate why $30K is so important for for BTC/USD within an ongoing price "supercycle." Bitcoin (BTC) has seen almost two months of rangebound price moves after hitting $30,000 — and new data hints why.In a series of tweets on July 15, popular Twitter commentator Nunya Bizniz presented multiple arguments supporting the significance of $30,000 for BTC/USD.All roads lead to $30,000?Despite rising fundamentals and ongoing adoption narratives, BTC price action has failed to reestablish a bullish trend.Still 50% below recent all-time highs, Bitcoin is without direction,....


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Spent output profit ratio is heavily hinting that hodlers should buy the dip on BTC, analysts say. Bitcoin (BTC) speculators have been selling at a loss, and this week presents a golden buying opportunity, analysts say.Data shows Bitcoin’s spent output profit ratio (SOPR) flipped negative for the first time in six weeks on Wednesday.SOPR says “buy the dip”A classic buy signal, negative SOPR implies that sellers have been dumping BTC at a loss, and the oversold market, therefore, is ripe for longer-term hodlers to profit from cheap coins.The last time SOPR went negative was July 20, right....