On-chain participants’ short-term sentiment is still in a bearish trend. A resistance level has just been attained for the most recently daily close. This portends a negative week.
Read CRYPTONEWSLAND onIt will be difficult for long-term holding SOPR to resume a positive trend soon, given that all participants who purchased after December 2020 are now losing money. In light of the state of the market, short-term SOPR becomes a more dynamic and informative statistic than aSOPR/SOPR.
The macro market sentiment, profitability, and losses incurred during a specific time period are all shown by the SOPR (Spent Output Profit Ratio) indicator. The amount of realized profit for all coins traded on-chain is shown by it.
Bitcoin bulls “face a variety of headwinds,” according to Glassnode‘s weekly analytics report on Monday, citing the deteriorating network statistics.
The experts cited the current risk-off mood for crypto assets as being caused by the general downturn in traditional markets and larger geopolitical worries not leaving out inflation woes.
One of the telltale signs of a negative Bitcoin market is a lack of on-chain activity. According to the bear market channel, which shows on-chain activity at times of sideways or downward-moving markets, the number of active addresses or entities is presently at its lower bound, indicating a decline in demand and interest.
According to CoinGecko, at the time of writing, BTC prices have increased 0.5% over the previous 24 hours to trade at $19,266. Currently, the price of bitcoin is quite near its 2022 bottom.
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