Analysis: Bitcoin indicators show profit-taking phase is fading, with selling pressure from sellers nearing exhaustion

BlockBeats News, December 6, CryptoOnchain posted on social media that the Bitcoin SOPR Ratio has dropped to 1.35, marking the lowest level since the beginning of 2024. As Bitcoin retraced to $89,700, this indicator shows that the market's profitability has been fully "reset." The phase of large-scale profit-taking by long-term holders is fading, indicating that selling pressure is nearing exhaustion.

Historical data shows that when the market cools down, a drop in the SOPR Ratio to such a low level often signals the formation of a local bottom. If a trend reversal occurs at this point, it may lay the foundation for the next healthy upward movement.

BlockBeats Note: The Bitcoin SOPR Ratio (short for SOPR Ratio) is a relatively advanced indicator in on-chain cryptocurrency analysis. It is a "ratio" version derived from the Spent Output Profit Ratio (SOPR), mainly used to determine whether the overall market is dominated by profits or losses, and to assist in identifying the stage of the bull or bear cycle.