Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up
19 Maggio 2022 - 9:00PM
NEWSBTC
On-chain data shows the Bitcoin long-term holder SOPR has recently
observed spikes, suggesting that this cohort is still continuing to
sell. Bitcoin Long-Term Holder SOPR Spiked Up When Price Crossed
$30k As pointed out by a CryptoQuant post, selling pressure in the
market still looks to be high as long-term holders are also looking
to sell. The “spent output profit ratio” is an indicator that tells
us whether the overall market is selling Bitcoin at a profit or
loss right now. The metric works by checking the on-chain history
of each coin being sold to see what price it last moved at. It then
divides the current price (that is, the selling price) with the
last price. When the value of this ratio is greater than one, it
means investors are, on an average, selling at a profit at the
moment. On the other hand, values of the indicator less than one
imply that the Bitcoin market as a whole is realizing loss
currently. A cohort of BTC investors is the “long-term holder”
(LTH) group, who hold their coins for at least 155 days before
selling. Related Reading | Bitcoin Bearish Signal: Whales Ramp
Up Dumping The “LTH SOPR” tells us about profit or loss realization
from specifically this group. Here is a chart that shows the trend
in this indicator (EMA 144) over the past month: It seems like the
value of the metric has observed some spikes recently | Source:
CryptoQuant As you can see in the above graph, the Bitcoin
long-term holder SOPR (EMA 144) had a couple of spikes in the last
few days. One took place on 13th May, while the other occurred on
the 18th. During both these instances, the price had crossed $30k
shortly before. Related Reading | Funding Rates Fall To Yearly
Lows Following Bitcoin’s Fall Below $29,000 This means that LTHs
have been feeling pressure in the current market to realize their
profits as soon as the price reaches above $30k. Usually, Bitcoin
long-term holders are the least likely cohort to sell. So, selling
pressure from this group can prove to be bearish for the crypto’s
price. BTC Price At the time of writing, Bitcoin’s price floats
around $29.4k, up 3% in the last seven days. Over the past month,
the crypto has lost 28% in value. The below chart shows the trend
in the price of the coin over the last five days. Looks like the
price of the crypto has seen some decline over the past two days |
Source: BTCUSD on TradingView Over the past week, Bitcoin has
mostly consolidated around the $30k mark, failing to gain any
ground above the mark. As long as selling at the level continues,
the crypto won’t be able to make any real recovery. Featured image
from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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