NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Bitcoin Could Decline Further Before A Rebound, Here’s Why

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 8:06 am
3 mins read
Bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The pattern of an on-chain metric may suggest that Bitcoin could see more downside ahead before a rebound is found.

Bitcoin STH SOPR Hasn’t Hit The Bottom Zone Yet

An analyst in a CryptoQuant Quicktake post explained that the BTC short-term holders are selling at a loss. The relevant indicator here is the “Spent Output Profit Ratio (SOPR),” which tells us whether the Bitcoin holders are selling their coins at a profit or a loss.

When the value of this indicator is greater than 1, it means that the average holder in the market is moving their coins at a profit. On the other hand, values below this threshold imply that loss-taking is the dominant force in the sector.

The SOPR being exactly equal to one naturally suggests that the market is just breaking even on its selling right now as the total amount of realized profits cancel out the losses.

Related Reading

Bitcoin

Bitcoin MVRV At Critical Support Line, Will Retest Be Successful?

1 year ago

The SOPR can also be defined for just a part of the market. In the context of the current discussion, the short-term holder (STH) group is of interest. These investors have been holding onto their coins since less than 155 days ago.

Now, here is a chart that shows the trend in the 30-day moving average (MA) Bitcoin SOPR over the past several years:

Bitcoin STH SOPR

Looks like the 30-day MA value of the metric has been going down in recent days | Source: CryptoQuant

As displayed in the above graph, the 30-day MA Bitcoin STH SOPR had been above one for most of the year 2023, but following the recent struggle in the asset’s price, the indicator has dipped below this mark.

Historically, the one indicator level has been a line of support for the cryptocurrency, as it has often found rebounds. For example, Bitcoin found bottoms at this mark during the slumps in both March and June.

With the recent drawdown, though, this support level has been breached, as the STHs are now selling their coins at a loss. Usually, whenever the metric dips below this level, it doesn’t come back above it quickly, as the line begins to act as resistance instead.

The Bitcoin STH SOPR has historically been able to find rebounds in the green box that the quant has highlighted in the chart. The indicator is still a notable distance above this bottoming zone.

Related Reading

Bitcoin

Bitcoin HODLer Dominance Rises To Record Levels, Bullish Sign?

1 year ago

If the BTC price will only find its rebound when the indicator dips inside this zone, then more decline could be ahead for the asset so that the STHs are pushed into capitulating at a deeper degree.

BTC Price In The Short Term

Bitcoin has continued its sideways struggle recently as the cryptocurrency has been unable to find a break in either direction. The asset’s price is floating around the $25,700 mark.

Bitcoin Price Chart

BTC continues to show stagnation | Source: BTCUSD on TradingView
Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Tweet123Share196ShareSend
Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

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’s 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’t 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’t 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.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin STH Loss Transfers Fall 80% From Peak – What Comes Next?

Bitcoin STH Loss Transfers Fall 80% From Peak – What Comes Next?

Bitcoin has managed to reclaim the $90,000 level after days of intense volatility, but upward momentum remains limited as the...

Sebastian Villafuerte 2 hours ago
Ethereum

Here’s Why Ethereum Emerges As The Global Capital Rails For On-Chain Finance

In the rapidly evolving landscape of digital finance, Ethereum is quickly establishing itself as the primary infrastructure for global on-chain...

Godspower Owie 2 hours ago
Bitcoin

Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

The Bitcoin price has recently stabilized above the $90,000 mark, sparking renewed optimism among bullish investors. Analysts at BTIG have...

Ronaldo Marquez 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin Whales

Newbie Bitcoin Whales Capitulating, But Old Hands Stay Silent

Keshav Verma 51 minutes ago
bitcoin-36-percent-pullback-hidden-opportunity-value-layer2-acceleration-cycle

比特幣回調36%後的深層契機:情緒拋售背後的真正價值與Layer2加速周期

Kelvin Lee 53 minutes ago
BTC, Bitcoin

Will Bitcoin (BTC) End 2025 In Green? November Close May Hold The Key

Rubmar Garcia 1 hour ago

Premium Sponsors

Press Releases

  • ドージコイン 今後:上昇一服も、強気トレンドが終わらない理由

    ドージコイン...

    9 hours ago
  • リップル 今後:ETF資金流入が伸び悩む中、XRPに何が起きているのか?

    リップル...

    10 hours ago
  • 仮想通貨 プレセール:次世代ウォレット系トークンの調達額が1,800万ドルに到達、残り3時間に迫る

    仮想通貨...

    10 hours ago
  • 仮想通貨 おすすめ:市場回復の中で VIRTUAL が再び1ドル台へ上昇

    仮想通貨 おすすめ:市場回復の中で VIRTUAL...

    10 hours ago
  • 新しい仮想通貨:2026年強気相場の予測広がる中、ビットコイン市場心理が回復しプレセール資金が急増

    ...

    11 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.