CryptoQuant Analyst: Bitcoin Price Has Fallen Below the Short-Term Holder Cost Basis
BlockBeats News, December 18, CryptoQuant analyst @AxelAdlerJr posted that the bitcoin price has fallen below the average purchase price of short-term holders (i.e., the STH-SOPR (30D) shown in the chart has dropped to 0.98). Two on-chain indicators show that the selling pressure from new market participants is increasing.
The SOPR 30D indicator measures the average token sales of short-term holders: a value above 1 indicates profitable sales, while a value below 1 indicates sales at a loss. The chart shows that the 30-day SOPR moving average has dropped to the 0.98 area, which means that, on average, short-term holders are selling tokens at a loss. A further decline in this indicator will intensify selling pressure and lead to new local lows.
Currently, there is a strong risk-averse sentiment in the market for short-term positions. Key reversal confirmation signals: price rebounds above the STH realized price and SOPR rises above 1.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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