On-chain data shows the Bitcoin aSOPR profit-loss junction has continued to act as resistance to the price of the crypto.
Bitcoin aSOPR Bounces Back Down From The Breakeven Line
As pointed out by an analyst in a CryptoQuant post, the aSOPR value equal to ‘1’ line has been acting as resistance for around 185 days now.
The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether the average Bitcoin investor is selling at a profit or at a loss right now.
When the value of this metric is greater than 1, it means the holders as a whole are moving their coins at some profit currently.
On the other hand, the indicator’s value being lesser than the mark implies the overall market is realizing loss at the moment.
Naturally, SOPR values exactly equal to 1 signify that the average holder is just breaking even on their investment.
A modified version of the metric is the “Adjusted SOPR” (aSOPR), which excludes from the data the transactions of all those coins that moved again within only an hour of their last transfer.
Now, here is a chart that shows the trend in the Bitcoin aSOPR over the last couple of years:
The value of the metric seems to have been in the loss region for a while now Source: BTCUSD on TradingView
Featured image from Marco Pagano on Unsplash.com, charts from TradingView.com, CryptoQuant.com
On-chain data shows the Bitcoin aSOPR profit-loss junction has continued to act as resistance to the price of the crypto.
As pointed out by an analyst in a CryptoQuant post, the aSOPR value equal to ‘1’ line has been acting as resistance for around 185 days now.
The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether the average Bitcoin investor is selling at a profit or at a loss right now.
When the value of this metric is greater than 1, it means the holders as a whole are moving their coins at some profit currently.
On the other hand, the indicator’s value being lesser than the mark implies the overall market is realizing loss at the moment.
Naturally, SOPR values exactly equal to 1 signify that the average holder is just breaking even on their investment.
Related Reading: Will October Bring Fearfulness To Crypto For 200 Straight Days?
A modified version of the metric is the “Adjusted SOPR” (aSOPR), which excludes from the data the transactions of all those coins that moved again within only an hour of their last transfer.
Now, here is a chart that shows the trend in the Bitcoin aSOPR over the last couple of years:
The value of the metric seems to have been in the loss region for a while now
The move concentrates crypto exposure across Musk’s businesses, with energy company Tesla’s among the top…
A resurgent U.S. dollar index, which has logged its strongest two-day gain in nine months,…
Stablecoin issuer Tether said its new MiningOS is a modular, self-hosted software stack built to…
Bitcoin slipped below the $80,000 level over the weekend as selling pressure intensified across global…
Bitcoin rebounded toward $79,000 after dipping below $75,000 over the weekend, as traders weighed heavy…
Bitcoin’s latest drawdown is being framed less as a technical breakdown and more as a…