Bitcoin Bullish Signal: 30MA STH-SOPR Returns Above 1 After 4 Months

The Bitcoin STH-SOPR (EMA-30) has now returned above a value of one for the first time in four months, a sign that could prove to be bullish for the price of the crypto. Bitcoin Short-Term Holder SOPR Has Broken Above 1 Recently As pointed out by an analyst in a CryptoQuant post, the BTC STH-SOPR is currently forming a pattern that has historically been bullish for the coin. The “Spent Output Profit Ratio” (or the SOPR in short) is a Bitcoin indicator that tells us whether coins in the market are selling at a profit or at a loss right now. The metric works by looking at the history of each coin being sold and checking whether the price it last moved at was less than the current one or more than it. When the value of this indicator is above one, it means investors are, on average, selling their Bitcoin at a profit right now. Related Reading | Possible Timelines For Bitcoin To Hit $100k: Why CEOs See Bullish Signs On the other hand, SOPR values below one imply overall losses are being realized in the BTC market at the moment. A modified version of this indicator takes into account only those investors who held their coins for less than 155 days before selling them. This group of investors is called the short-term holders (STH). Now, here is a chart that shows the trend in the Bitcoin STH-SOPR (EMA-30) over the last few years: Looks like the value of the metric has risen above one recently | Source: CryptoQu...