Bitcoin Price Surpasses $46 Thousand, Potentially Bullish Trend

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9 Feb 2024
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Source : Photo by Kanchanara on Unsplash

The price of Bitcoin (BTC) appears to be recovering after a downward trend since the spot Bitcoin ETF was traded on January 11, 2024. Bitcoin has successfully breached the $46,000 mark and is expected to set a new high this year.


Short-Term Holder Metric SOPR Indicates Decrease in Selling Pressure


Source: Photo by Chris Liverani on Unsplash

The Short-Term Holder (STH) Spent Output Profit Ratio (SOPR) is a measure that depicts the ratio of short-term asset holders selling their assets at a profit or loss.

A metric value above one indicates that more STHs are selling at a profit, while a value below one indicates more STHs selling at a loss.

Although STH SOPR has recently shown very high values, this metric has been declining since mid-January 2024. This indicates that many short-term investors have sold their BTC, and selling pressure is decreasing. If this trend continues, a bullish trend may occur in the short term.



Bitcoin Potential for New Highs This Year

Source : Photo by m. on Unsplash

On the daily timeframe, the price has been rising over the past few weeks after bouncing off the $40,000 support level. The market is currently heading towards the $48,000 resistance level once again. The Relative Strength Index also shows values above the 50% level, indicating that momentum supports further bullish continuation.

If the BTC price successfully breaks above the $48,000 level, the market is likely to head towards new highs in the coming months.

Looking at the four-hour chart, the current action becomes clearer. The price is currently testing the $45,000 resistance level, but momentum seems to be fading.

The Relative Strength Index also shows clear overbought signals. Therefore, consolidation or correction is likely to occur in the short term before the market can continue its journey towards achieving higher highs.

*Disclaimer:

This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.




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