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Bitcoin’s On-Chain Indicators Are Bullish


At the time of this writing, bitcoin’s price is in the midst of a consolidation that has lasted almost two weeks, currently sitting at $47,200.

One of the most important data points that can be used to generally call bottoms of corrections is the spent output profit ratio (SOPR) metric. This measures profit-taking, with 1.00 essentially marking the break-even point. In bitcoin bull markets, SOPR rarely dips below 1.00 and if it does, this can indicate a very attractive opportunity for buyers. Most recently, SOPR bottomed out above 1.00. This indicates that recent buyers aren’t panic selling and are viewing this consolidation as just another higher low in the parabolic price run that bitcoin has been on; a very bullish indication.

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