• BTC’s price and SOPR moved sideways as investors remain unsure of the market’s direction.
• Long-held BTC coins remain idle in wallet addresses.

As Bitcoin’s [BTC] price continued to oscillate within a narrow range in the last month, pseudonymous CryptoQuant analyst Joao Wedson found that the coin’s Spent Output Profit Ratio (SOPR) indicator on an 80-day moving average also remained sideways. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

The SOPR metric tracks the profit or loss made by coin holders by analyzing the difference between the price at which they acquired their coins and the price at which they are being spent or moved on the blockchain. 

When an asset’s SOPR metric moves sideways, it means that the proportion of outputs spent at a profit within a certain time frame is not significantly increasing or decreasing. 

According to Wedson, in the current BTC market, this suggests a possible distribution scenario, where short-term holders may be selling their coins while the market remains vulnerable to a price drop.

Little buying, little selling. What then?

BTC’s price trading within a tight range and a sideways movement of its SOPR indicator indicate a period of consolidation or indecision among its investors.

This is common when market participants are waiting for more clarity or a new catalyst before taking significant positions in the market.

Assessing BTC’s Bollinger Bands indicator on a 24-hour chart lent credence t

Go to Source to See Full Article
Author: Abiodun Oladokun

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details