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Bitcoin on Verge of Profitability Shift, Per Key Indicator
The crypto market is currently grappling with heightened uncertainty and volatility as investors await crucial economic data releases. The sentiment in the space has taken a hit due to recent profit-taking and macroeconomic concerns, which have pushed Bitcoin (BTC) down 0.15% in the last 24 hours to $95,809.
As traders anxiously await key events such as GDP growth rate and personal consumption expenditure index data scheduled for Thursday and Friday respectively, a crucial technical indicator has caught attention. The SOPR multiple, which tracks the ratio of realized profit to loss, is indicating negative momentum and flirting with breakeven levels. This potentially ominous signal may hint at a profitability shift in Bitcoin’s price trajectory.
According to our proprietary indicator tracking, the SOPR multiple is struggling to maintain above 1.0, suggesting that there is an elevated probability of rejection at this point. On the other hand, if Bitcoin’s STH-SOPR breaks above 1.0, it would mark a significant shift in profitability and could pave the way for further upside.
The recent decline has left many investors on edge as markets await key data releases this week, which will help shape sentiment around the Federal Reserve’s next moves.
Source: https://u.today/bitcoin-btc-on-verge-of-profitability-shift-per-this-key-indicator
