Bitcoin ($BTC) is making waves in terms of Short-Term Holder Spent Output Profit Ratio (STH SOPR). As per the data from Axel Adler Jr., the Short-Term Holder Spent Output Profit Ratio (STH SOPR) of Bitcoin has reportedly jumped to 1.04 while its price is hovering around $119K, indicating a bullish outlook. In this respect, the short-term Bitcoin holders are averagely absorbing the ongoing selling pressure. Apart from that, a notable bullish case takes into account the maintenance of the 7-day SOPR above the range between 1.00-1.02.
Bitcoin STH SOPR Highlights Space for Growth
The market statistics disclose that the STH SOPR of Bitcoin ($BTC) is presenting a bullish momentum at 1.04. Particularly, the present amplitude appears moderate below the former peaks of nearly 1.06 as well as 1.09. This clarifies that the selling activity is currently significantly far from the market overheated levels that occurred during the previous rallies. Additionally, staying above the 1.06-1.09 range suggests that the market has comprehensive upside potential before massive selling pressure.
$BTC SOPR Stability Above 1.0 Could Lead to Bullish Accumulation
According to Axel Adler Jr., $BTC needs to successfully maintain its SOPR above the notable 1.0 mark while preventing any prolonged plunges. In such a case, the flagship crypto asset may underscore sustained accumulation periods even during peak prices. Nevertheless, a slump below the respective figure could signal diminishing demand and pave the way for a sheer pullback.
