Since Bitcoin’s much-anticipated halving a few days ago, investors have seen an abundance of price changes. Many are now eagerly waiting for a clear direction. Even though there was confidence at first, new data shows that the coin failed to remain above $65,000 last week.
Currently, BTC is worth $62,105. It is worth 2.96 percent less now than it was 24 hours ago and 6.14 percent less now than it was seven days ago.
Some interesting facts about Bitcoin’s Adjusted Spent Output Profit Ratio (aSOPR) were shared by a CryptoQuant expert. This number is still moving in a bullish direction, which means that the price of the cryptocurrency may change direction and start going up again.
It is still uncertain what will happen, though, because Bitcoin’s price is likely to hit a new monthly low, and it might decline even further below $62,000.
Expert at CryptoQuant called Phi Deltalytics did a study over the weekend that showed how unstable the short-term price path of the cryptocurrency is. The SOPR ratio, a useful but often overlooked indicator, was used in Phi’s study to show that the market’s mood was uncertain.
Bitcoin’s Bearish SOPR Trend
The SOPR metric, which checks the profit to spent output ratio, shows that short-term users are trading BTC at a loss at the moment. Also, looking at the difference between the long-term and short-term SOPR rates shows that long-term holders are making a greater profit, which shows that the bullish trend is still going strong, especially with the adjusted SOPR.
This difference shows how dire circumstances are for people who only plan to hold BTC for a short time. This could be because long-term users are selling their shares. According to Phi Deltalytics, the price of Bitcoin could drop quickly if the adjusted SOPR turns into a bearish warning.
Even though everyone was excited when Bitcoin’s price hit new all-time highs, it has been going back and forth between $60,000 and $70,000. A great deal of people think that this might be the top of the market cycle because Bitcoin has not yet been able to break above $74,000.
However, Bitcoin’s real price path in the coming months will only be known over time. This is especially true after the recent split event. Bitcoin might keep going up for another nine months, based on how things have gone in the past.
