fbevents
로고와 STAT 라이브

PiCK

[Analysis] "Bitcoin Indicator Suggests Price Correction…Potential for Significant Drop"

Source
Doohyun Hwang
공유하기
  • It was reported that the movement of Bitcoin supply from long-term holders to short-term holders suggests a price correction.
  • It was stated that the SOPR ratio for short-term holders remains neutral, making it difficult to gain profits.
  • The decline in SOPR for short-term holders indicates that the price correction period could be prolonged or there could be a more significant drop.
STAT AI Notice
  • The article was summarized using an artificial intelligence-based language model.
  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

An analysis has emerged suggesting that the chart of long-term and short-term investor supply holdings for Bitcoin (BTC) indicates a price correction.

On the 3rd, on-chain data analysis platform CryptoQuant stated, "Currently, the chart shows that Bitcoin supply is moving from long-term holders to short-term holders," adding, "The demand from short-term holders is supporting Bitcoin's price."

Furthermore, it explained, "The current SOPR (Spent Output Profit Ratio) for short-term holders remains neutral at 1. This means that it has become difficult for short-term holders to gain further profits by selling Bitcoin."

It continued, "So far, the selling pressure from long-term holders has been well absorbed by the buying pressure from short-term holders," adding, "However, as the SOPR for short-term holders is declining, there could be a prolonged price correction period or a more significant drop in the short term."

Meanwhile, Bitcoin is trading at around $97,900, up 0.7% from the previous day, in the Binance Tether (USDT) market.

BTC
publisher img

Doohyun HwangholderBadgeholderBadge dark

cow5361@bloomingbit.ioKEEP CALM AND HODL🍀