Is Bitcoin Yet To Top In This Cycle? What aSOPR Suggests
Bitcoin has been in freefall recently, but this popular indicator is yet to reach the same highs as the last two cycles. Is the real top still ahead for the asset? Bitcoin aSOPR Has Been Consolidating For The Last Two Years As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin aSOPR has been consolidating between converging trendlines for nearly two years. The Spent Output Profit Ratio (SOPR) is an indicator that tells us whether the BTC investors are selling their coins at a profit or loss. Related Reading: USDC Floods Exchanges: Are Traders Buying The Bitcoin Crash?....
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Despite on-chain metrics indicating Bitcoin investors will soon face losses, Glassnode believes BTC is ready to bounce. A Jan. 25 report published by crypto data aggregator Glassnode has noted that Bitcoin’s adjusted Spent Output Profit Ratio, or aSOPR, suggests that a further decrease in prices will leave many investors in the red according to when their holdings last moved on-chain.Despite the metric suggesting few investors are sitting on paper-profits, Glassnode interprets the data as bullish, stating:“In order for SOPR to go lower, investors would have to be willing to sell at a loss,....
On-chain data shows the Bitcoin aSOPR indicator has found resistance at the historical junction between bull and bear markets. Bitcoin aSOPR Fails Retest Of The “Value=1” Line As pointed out by an analyst in a CryptoQuant post, the BTC aSOPR has been rejected from the breakeven mark recently. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether Bitcoin investors are selling at a loss or at a profit right now. The metric works by looking at the on-chain history of each coin being sold to see what price it was last moved at. If the....
According to the latest insight from a CryptoQuant analyst, Bitcoin might be poised for a notable price correction. This possibility of a price correction is based on major Bitcoin metrics such as the Adjusted Spent Output Profit Ratio (ASOPR), signaling a notable implication for Bitcoin’s trajectory. Understanding ASOPR’s Role In Predicting BTC Corrections The ASOPR, a key indicator in the crypto market, measures the profit ratio of spent outputs by comparing the value at which coins were bought to the value at which they were sold. Related Reading: Bitcoin Crash Below $66,000 Stuns....
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....
Data shows the Bitcoin aSOPR has recently been rejected from the neutral level as weakness continues to clutch the market. Bitcoin aSOPR Rebounds From The “1” Mark As Investors Sell The Rally As per the latest weekly report from Glassnode, the “get my money back” effect strikes the crypto once again as weakness continues in the market. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether the overall Bitcoin market is currently selling at a profit or at a loss. When the value of this metric is greater than one, it means....