Bitcoin's Spent Output Profit Ratio (SOPR) crossed above 1.01, signaling a potential sell-off. While SOPR remains above the critical threshold, a sustained drop could indicate market consolidation or a price decline. Bitcoin Dominance (BTC.D) shows a rejection at key levels, suggesting potential shifts in investor sentiment. A possible reversal in dominance, indicated by recent outflows from U.S. Spot Bitcoin ETFs, could benefit altcoins. The Stochastic RSI is climbing, hinting at overbought conditions. The interplay of these signals suggests a potential market shift with implications for both Bitcoin and altcoins.
Spent Output Profit Ratio showed that it had crossed above a significant threshold, marking its second sell signal in recent times. The SOPR peaked at 1.03, but has since been declining.
Historically, Bitcoin has shown a propensity to issue two sell signals before entering a bear market phase, mirroring the current scenario.Staying above this 1.01 SOPR value line could allow Bitcoin to continue its upward trend, despite the bearish signal and sustained stay below the $100K price levels.
Key instances, marked by arrows, show where dominance levels tested this trendline, reacting to broader market dynamics. The Stochastic RSI is climbing, suggesting potential overbought conditions.he recent $156.8 million net outflow from U.S. Spot Bitcoin ETFs suggests a possible reversal in dominance. This outflow could indicate a shift in investor sentiment, possibly diverting interest towards altcoins, which traditionally happens when BTC.D declines.
BITCOIN SOPR BEAR MARKET DOMINANCE ALTCOINS
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