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Bitcoin SOPR Falls to Lowest Since Early 2024, Signals Potential Rebound
The recent bearish trend has pushed Bitcoin below the psychological $90,000 level. However, on-chain data suggests a potential upward move.
BTC SOPR Analysis
- Bitcoin's Spent Output Profit Ratio (SOPR) has dropped to 1.35, its lowest since early 2024.
- An SOPR less than 1 indicates selling at a loss, while above 1 denotes profit-taking.
- The current SOPR suggests a market profitability reset as Bitcoin's price fell below $90,000.
- Long-term holders' selling pressure appears to be waning, indicating exhaustion among bears.
- A low SOPR historically signals a local bottom, potentially preceding an upward rally.
Current Bitcoin Price
- Bitcoin is currently priced at approximately $89,500, with no significant 24-hour change.
- It has decreased by nearly 2% over the last seven days.
- The cryptocurrency is down about 5% year-to-date and 30% from its all-time high of $126,080.
- Without a shift in market momentum, Bitcoin might end 2025 in decline.