After having fallen in the previous one, cryptocurrencies resume the upward trend with Bitcoin returning to US$95,000.
The main cryptocurrencies rise this Friday, January 10, while Bitcoin advances 1.5% to $93,514.87, altcoins operate with a majority of increases; the main one is Cardano with 3.2%.
The market remains worried and this rise would not be sustained
The feeling of bitcoin (BTC) was affected this month, as volatility favored the decline and the bulls were unable to recover and maintain the $100,000 mark.
Among the signs of growing capitulation among speculative investors – those who are traditionally more sensitive to short-term price movements – is a drop in the profit ratio of spent production (SOPR).
The SOPR controls the proportion of unspent transaction outputsor UTXO, created with gains or losses compared to the last time the involved coins moved.
The result is a snapshot of investors’ willingness to spend coins at a loss or gain, and analysts can get an idea of the prevailing sentiment trends.
Currently, The SOPR value for short-term holders (STH) – entities that hold a given unit of BTC for up to 155 days – is below the break-even point of 1.
“As BTC declines, negative headlines are increasingly visible on YouTube and in the news media. This indicates that market sentiment is turning bearish.“said CryptoQuant contributor MAC_D.
“This is reflected in the short-term SOPR, which shows the market sentiment of short-term investors, at 0.987, indicating that Investors who have been holding for less than 6 months are selling bitcoin at a loss.”
Source: Ambito
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