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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin’s SOPR Nears Critical Level—Is a Deeper Correction Ahead?

Samuel Edyme
Samuel Edyme
6 months ago
3 mins read
Bitcoin’s SOPR Nears Critical Level—Is a Deeper Correction Ahead?

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Bitcoin’s price has continued its gradual decline, now trading just above $81,000, marking a significant drop from its all-time high (ATH) in January. At the time of writing, BTC stands at $81,086, reflecting a 1.7% increase in the past 24 hours but still showing a 2.3% decrease over the past week.

The ongoing correction has raised concerns among investors about whether the asset will recover or enter a prolonged consolidation phase. While there is no definitive reason behind Bitcoin’s ongoing price movements, CryptoQuant analyst Darkfost has highlighted an interesting correlation between BTC and Nasdaq

According to Darkfost, Bitcoin is currently more correlated with the Nasdaq index than with the S&P 500, suggesting that macroeconomic factors and broader market sentiment are playing a role in BTC’s performance.

This correlation indicates that external market trends, such as changes in US equity markets and monetary policy decisions, might be influencing Bitcoin’s price direction.

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Short-Term Holder SOPR and Bitcoin’s Market Cycle

Amid Bitcoin’s price fluctuations, CryptoQuant analyst Kripto Mevsimi has examined the Short-Term Holder Spent Output Profit Ratio (SOPR) EMA (155), which provides insights into market cycles and investor behavior.

Bitcoin Short-Term Holder Spent Output Profit Ratio (SOPR)
Bitcoin Short-Term Holder Spent Output Profit Ratio (SOPR). | Source: CryptoQuant

According to Mevsimi, SOPR EMA (155) recently peaked and is now declining, signaling that short-term holders are realizing fewer profits. This trend could indicate that the market is entering a consolidation phase.

The analyst further explained that if SOPR approaches 1 and holds as support, it may signal a healthy market reset before the next potential uptrend. However, if SOPR drops below 1, it could indicate increased selling pressure, which may lead to further market weakness.

Mevsimi emphasized that for Bitcoin’s bullish trend, which began in early 2023, to continue, SOPR should stabilize around 1 and then trend upward again. Failure to hold this level may suggest a shift in market dynamics, putting Bitcoin’s long-term growth trajectory into question.

Whale Accumulation Continues Amid Market Correction

While short-term price action remains uncertain, another CryptoQuant analyst, caueconomy, has highlighted a significant accumulation trend among large Bitcoin holders. Over the last 30 days, Bitcoin whales have added over 65,000 BTC to their holdings, reflecting strong buying pressure from major network participants.

Bitcoin whale balance change.
Bitcoin whale balance change. | Source: CryptoQuant

Caueconomy noted that this accumulation is occurring despite the broader market correction, suggesting that whales are absorbing supply rather than selling off their holdings.

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This behavior contrasts with miners and exchanges, which often offload BTC to maintain liquidity. If the current accumulation pattern continues for several more weeks, it could resemble the consistent buying pressure seen between November and December, which helped Bitcoin rally in late 2023.

Bitcoin (BTC) price chart on TradingView
BTC price is moving downwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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