BTC neared $95,000 in European morning hours Friday after a slump in U.S. hours sent it to near $90,000 late Thursday, down 10% from a weekly high above $120,000.
Historically, this scenario has often preceded price recoveries, indicating a potential buying opportunity.
Onchain data shows bitcoin’s Spent Output Profit Ratio has crept up to 0.987 as of Friday, suggesting that investors who have held bitcoin for less than six months are selling at a loss. Historically, this scenario has often preceded price recoveries, indicating a potential buying opportunity. SOPR measures the profit or loss of spent bitcoin outputs by comparing the value of coins when they were last moved to their value when they are spent again. The short-term SOPR focuses on coins moved within a relatively short timeframe , and can indicate market sentiment, where a value less than 1 might suggest capitulation or a market bottom, potentially signaling a good time to buy.
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