• Bitcoin experiences promising gains as the CPI index favors cryptocurrencies.
• Short-term holders face challenges amidst Bitcoin’s ongoing volatility.

Amidst the rollercoaster ride of Bitcoin’s value, the Consumer Price Index (CPI) appeared to smile upon it and certain other cryptocurrencies, ushering in some promising gains.

However, this hopeful trend was swiftly interrupted by a widespread rumor of the United States divesting itself of Bitcoin, partially eroding the acquired gains.

Given the ongoing volatility that Bitcoin was experiencing, individuals who held their investments in the short term found themselves in a precarious situation, potentially facing some challenges ahead.

Read Bitcoin (BTC) Price Prediction 2023-24

Bitcoin SOPR dips

18 March marked the pinnacle of the latest Bitcoin SOPR (Spent Output Profit Ratio) index, reaching an impressive 1.07. The index remained consistently high throughout the following period, suggesting that short-term investors holding their coins for less than six months were enjoying notable profitability on average.

The short-term SOPR metric focused on coins held for durations ranging from an hour to less than 155 days. It provided insights into the profitability of trading among investors who previously held their coins.

However, the current state of affairs revealed a different picture. As of this writing, the short-term SOPR index has dipped below the critical threshold of 1, settling at 0.99 per
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Author: Suzuki Shillsalot

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