As Bitcoin's price consolidates in a tight range, the bears and bulls collide over whether a price bottom or top has been marked.
The SOPR is a key metric used to gauge the profitability of coins that have been moved on the blockchain. When an asset’s SOPR is greater than one, it means that coins are being moved on average at a profit. Conversely, a SOPR value below 1 indicates that, on average, coins moved are being moved at a loss.“Market bottoms tend to occur when the SOPR drops below the critical threshold of 0.97.
“As of last November 2022, the SOPR metric briefly touched the 0.97 threshold, indicating that investor sentiment was approaching a critical level,” Tarekonchain added.While BTC’s SOPR signaled “a potential market bottom” per Tarekonchain, the coin’s Age Consumed metric suggested otherwise. Typically, a surge in Age Consumed suggests that a significant number of once-idle tokens have begun to change address. This hints at a sudden and strong shift in the behavior of long-term holders.
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