{"id":535510,"date":"2023-05-29T18:00:45","date_gmt":"2023-05-29T18:00:45","guid":{"rendered":"https:\/\/ktsl888.com\/?p=535510"},"modified":"2024-06-11T08:10:47","modified_gmt":"2024-06-11T08:10:47","slug":"bitcoin-rally-hopes-still-alive-this-metric-go-by","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-rally-hopes-still-alive-this-metric-go-by\/","title":{"rendered":"Bitcoin Rally Hopes Still Alive, If This Metric Is To Go By"},"content":{"rendered":"

If the historical pattern in this on-chain indicator is anything to go by, hopes for the continuation of the Bitcoin rally may still be alive.<\/p>\n

Bitcoin SOPR Ratio Has Been Going Up In Recent Weeks<\/h2>\n

As an analyst in a CryptoQuant post pointed out, the SOPR ratio has been above 1 recently. The “Spent Output Profit Ratio<\/a>” (SOPR) indicates whether the investors in the Bitcoin market are selling their coins at a profit or a loss right now.<\/p>\n

When the value of this metric is above 1, it means the average holder in the sector is currently moving their coins at a loss. On the other hand, values below this threshold imply the market is realizing a net profit at the moment.<\/p>\n

The BTC sector is generally divided into two main holder groups: the “short-term holders” (STHs) and the “long-term holders” (LTHs). The former cohort includes all investors that acquired their coins within the last 155 days, while the latter group includes those who bought before this cutoff.<\/p>\n

In the context of the current discussion, the relevant indicator is not the SOPR itself but the “SOPR ratio.” This indicator measures the ratio between the SOPR, specifically for the LTHs and the STHs.<\/p>\n

Related Reading: Will This Political Deal In The US Save Bitcoin and Crypto?<\/a><\/div>\n

Now, here is a chart that shows the trend in the 30-day simple moving average (SMA) Bitcoin SOPR ratio throughout the history of the asset:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has been going up in recent days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the quant has marked the pattern that the 30-day SMA Bitcoin SOPR ratio seems to have followed during the past cycles of the cryptocurrency.<\/p>\n
Whenever the SOPR ratio is below 1, the LTHs realize lower profits relative to the STHs. Historically, this has usually been observed inside bear markets.<\/p>\n
The bear market<\/a> bottom formations in the asset price have always occurred when the indicator has plunged deep below this mark and hit a value of about 0.5.<\/p>\n
Bullish periods followed with a surge in the metric back above the 1 level. Such a breakout implies a shift in the market dynamics, as the LTHs are harvesting a higher profit than the STHs during periods like these.<\/p>\n
During the rally in the last few months, the 30-day SMA Bitcoin SOPR ratio has again managed to break above the 1 mark, suggesting that the shift towards a bull market may have occurred.<\/p>\n
Related Reading: Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?<\/a><\/div>\n
The metric is still firmly above this level, despite the recent struggle that the coin has seen. The analyst believes this is a sign that the bulls continue to dominate the market.<\/p>\n
From the chart, it’s also visible that the present values of the SOPR ratio are nowhere near as high as what was observed during past rallies, including the April 2019 rally<\/a>, which may hint that the rally has some potential to go before the top.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $27,900, up 4% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has gone up during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
If the historical pattern in this on-chain indicator is anything to go by, hopes for the continuation of the Bitcoin rally may still be alive. Bitcoin SOPR Ratio Has Been Going Up In Recent Weeks As an analyst in a CryptoQuant post pointed out, the SOPR ratio has been above 1 recently. The “Spent Output Profit Ratio” (SOPR) indicates whether the investors in the Bitcoin market are selling their coins at a profit or a loss right now. When the value of this metric is above 1, it means the average holder in the sector is currently moving their coins at a loss. On the other hand, values below this threshold imply the market is realizing a net profit at the moment. The BTC sector is generally divided into two main holder groups: the “short-term holders” (STHs) and the “long-term holders” (LTHs). The former cohort includes all investors that acquired their coins within the last 155 days, while the latter group includes those who bought before this cutoff. In the context of the current discussion, the relevant indicator is not the SOPR itself but the “SOPR ratio.” This indicator measures the ratio between the SOPR, specifically for the LTHs and the STHs. Related Reading: Will This Political Deal In The US Save Bitcoin and Crypto? Now, here is a chart that shows the trend in the 30-day simple moving average (SMA) Bitcoin SOPR ratio throughout the history of the asset: Looks like the value of the metric has been going up in recent days | Source: CryptoQuant As you can see in the above graph, the quant has marked the pattern that the 30-day SMA Bitcoin SOPR ratio seems to have followed during the past cycles of the cryptocurrency. Whenever the SOPR ratio is below 1, the LTHs realize lower profits relative to the STHs. Historically, this has usually been observed inside bear markets. The bear market bottom formations in the asset price have always occurred when the indicator has plunged deep below this mark and hit a value of about 0.5. Bullish periods followed with a surge in the metric back above the 1 level. Such a breakout implies a shift in the market dynamics, as the LTHs are harvesting a higher profit than the STHs during periods like these. During the rally in the last few months, the 30-day SMA Bitcoin SOPR ratio has again managed to break above the 1 mark, suggesting that the shift towards a bull market may have occurred. Related Reading: Bitcoin Shows Recovery: Did This Historical Line Act As Support Again? The metric is still firmly above this level, despite the recent struggle that the coin has seen. The analyst believes this is a sign that the bulls continue to dominate the market. From the chart, it’s also visible that the present values of the SOPR ratio are nowhere near as high as what was observed during past rallies, including the April 2019 rally, which may hint that the rally has some potential to go before the top. BTC Price At the time of writing, Bitcoin is trading around $27,900, up 4% in the last week. BTC has gone up during the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":535553,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6481,87463,1119,1144],"class_list":["post-535510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-rally","tag-bitcoin-sopr-ratio","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Rally Hopes Still Alive, If This Metric Is To Go By<\/title>\n<meta name=\"description\" content=\"If the historical pattern in this indicator is anything to go by, hopes for the continuation of the Bitcoin rally may still be alive.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Rally Hopes Still Alive, If This Metric Is To Go By","url":"http:\/\/ktsl888.com\/news\/bitcoin-rally-hopes-still-alive-this-metric-go-by\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-rally-hopes-still-alive-this-metric-go-by\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/05\/iStock-1385861333.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/05\/iStock-1385861333.jpg?fit=2359%2C1270"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin rally","bitcoin sopr ratio","btc","btcusd"],"dateCreated":"2023-05-29T18:00:45Z","datePublished":"2023-05-29T18:00:45Z","dateModified":"2024-06-11T08:10:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Rally Hopes Still Alive, If This Metric Is To Go By\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-rally-hopes-still-alive-this-metric-go-by\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-rally-hopes-still-alive-this-metric-go-by\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1385861333.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1385861333.jpg?fit=2359%2C1270\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin rally\",\"bitcoin sopr ratio\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-05-29T18:00:45Z\",\"datePublished\":\"2023-05-29T18:00:45Z\",\"dateModified\":\"2024-06-11T08:10:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/05\/iStock-1385861333.jpg?fit=2359%2C1270","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/535510"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=535510"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/535510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/535553"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=535510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=535510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=535510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}