- Short-term on-chain participants are continuing to sell at losses.
- Short-term SOPR becomes a more dynamic and informative statistic.
- Bitcoin has been trading at $17,103.
According to Cryptoquant`s Bitcoin data analysis, short-term on-chain participants are continuing to sell in losses. Such lack of faith gives rise to strong resistance at 18k, the rough average cost of entry for short-term participants.
The yield curve inversions often precede recessions and the current 10-year Treasury rate (3.75%) which is below the 3-month rate (4.22%). Therefore, the market should be careful once the 18k level is reached.
It will be difficult for the long-term holder SOPR (Spent Output Profit Ratio) to return to a positive trend anytime soon. This follows the fact that all participants who purchased after December 2020 are now losing money.
In light of the present state of the market, short-term SOPR becomes a more dynamic and informative statistic when compared to (aSOPR/SOPR). Long-term and short-term data are combined in (aSOPR/SOPR).
It is crucial to note that Bitcoin`s price analysis has been bullish in the past 24 hours. The token has been trading at $17,103 with a 24-hour trading volume of $25,453,614,892. The BTC pair is up 1.26% in the last 24 hours. Bitcoin has a live market cap of $328,757,843,530. It also has a circulating supply of 19,221,593 BTC coins and a max. supply of 21,000,000 BTC coins according to Coinmarketcap data.
If prices break below this level, the market can expect a sell-off toward $15,500 and possibly even lower. On the other hand, if Bitcoin continues to climb higher and breaks above $17,500, the market can expect a new all-time high in the not-too-distant future.
Disclaimer: An investor may get back less than the amount invested. Information on past performance, where given, is not necessarily a guide to future performance.
