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

This Historic Bitcoin On-Chain Support Level Is Still Not Lost

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 8:04 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.

On-chain data shows the historical 20-Day MA Bitcoin aSOPR support level has continued to hold so far.

Bitcoin 20-Day MA aSOPR Rebounds Off Historical Support Line

As pointed out by an analyst in a CryptoQuant post, the BTC aSOPR recently retested its 8-year old support.

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 overall market is moving coins at some profit currently.

On the other hand, values of the indicator less than the threshold suggest holders as a whole are realizing some loss with their selling at the moment.

Naturally, SOPR values exactly equal to 1 imply the investors are just breaking even on their investment right now.

Related Reading

Bitcoin

Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance

3 years ago

“Adjusted SOPR” (aSOPR) is a modified version of this metric that excludes from the data any selling of coins that was done within 1 hour of first acquiring said coins.

Here is a chart that shows the trend in the 20-day moving average Bitcoin aSOPR over the last several years:

Bitcoin aSOPR

Looks like the 20-day MA value of the metric has sharply declined in recent days | Source: CryptoQuant

As you can see in the above graph, the 20-day MA aSOPR rapidly went down following the FTX crash, and touched a low of 0.93 just a week or so ago.

This level was the same as the one seen during the lows of the previous bear markets, and each of the touches in those bears launched the metric back up.

The support line has now been active since 2014, and in the 8 years so far the indicator has never seen any actual dip below it.

Related Reading

Bitcoin bear

Bitcoin Hits $17,000, But Is It Too Early To Call The All Clear On The Bear Market?

1 year ago

Since the retest of this support level a week ago, the metric has already bounced back up, suggesting that this important support line is still holding right now.

However, it’s uncertain whether this successful retest means the bottom is now in. Back In the 2018/19 bear, it was indeed the case, but in 2014/15 it took two touches of the line before the real bottom formed.

BTC Price

At the time of writing, Bitcoin’s price floats around $16.8k, up 3% in the last week. Over the past month, the crypto has lost 18% in value.

The below chart shows the trend in the BTC price over the last five days.

Bitcoin Price Chart

The value of the crypto seems to have been moving sideways since the surge | Source: BTCUSD on TradingView
Featured image from André François McKenzie 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 Price Gains Steam

Bitcoin Rallies Into Resistance With Traders Watching for Breakout Confirmation

Bitcoin price started a fresh increase above $90,000. BTC is now testing the key barrier at $93,000 and might attempt...

Aayush Jindal 56 minutes ago
Chainlink

Chainlink At A Turning Point: Triangle Pattern Holds, But One Line Must Break

Chainlink is approaching a decisive moment as its price compresses within a well-defined triangle structure. The pattern remains strong, but...

Godspower Owie 1 hour ago
Bitcoin news

The December Bitcoin Roadmap: The Signals You Can’t Ignore

Bitcoin has opened December 2025 on the back foot, and market structure around the new monthly candle is already drawing...

Jake Simmons 2 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

加密圈下一個“RollerCoin”?PepeNode 的 GameFi 新玩法初現熱度 早期勢頭強勁

newsbtc 32 minutes ago
Bitcoin

Bitcoin Trail Ends: $29M Seized After European Authorities Shut Down Cryptomixer

Christian Encila 33 minutes ago
hardcore-poker-strategy-winning-tips

骨灰級玩家的德州撲克盈利心得:位置、概率、心理的策略

newsbtc 52 minutes ago

Premium Sponsors

Press Releases

  • ETHが2,800ドル付近で停滞、次の重要局面はどこか

    ...

    10 hours ago
  • 市場不安の中で見える次の価格シナリオとは

    ビットコイン...

    10 hours ago
  • アルトコイン 注目銘柄:Cantor Fitzgerald の Solana ETF 計画で浮上する買い候補とは

    アルトコイン 注目銘柄:Cantor Fitzgerald の...

    12 hours ago
  • シバコイン...

    12 hours ago
  • ドージコイン 今後:専門トレーダーが予測する大幅反発の可能性とは

    ドージコイン...

    12 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.