CryptoQuant Analyst: Bitcoin Price Has Fallen Below the Short-Term Holder Cost Basis

BlockBeats News, December 18, CryptoQuant analyst @AxelAdlerJr posted that the bitcoin price has fallen below the average purchase price of short-term holders (i.e., the STH-SOPR (30D) shown in the chart has dropped to 0.98). Two on-chain indicators show that the selling pressure from new market participants is increasing.

The SOPR 30D indicator measures the average token sales of short-term holders: a value above 1 indicates profitable sales, while a value below 1 indicates sales at a loss. The chart shows that the 30-day SOPR moving average has dropped to the 0.98 area, which means that, on average, short-term holders are selling tokens at a loss. A further decline in this indicator will intensify selling pressure and lead to new local lows.

Currently, there is a strong risk-averse sentiment in the market for short-term positions. Key reversal confirmation signals: price rebounds above the STH realized price and SOPR rises above 1.