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Bitcoin (BTC) on Verge of Profitability Shift, Per This Key Indicator
The Bitcoin market is bracing for a crucial week as investors await key economic releases, including the GDP growth rate and personal consumption expenditure index. As markets remain cautious ahead of these events, a closely-watched indicator is signaling a potential shift in profitability.
According to our analysis, SOPR (Self-Offsetting Price Ratio) data suggests that the cryptocurrency market may be on the verge of a profitability shift. As highlighted by CryptoSlate’s reporting earlier today, the SOPR multiple has been trending downward, indicating negative momentum.
In more detail, this indicator tracks the ratio of Bitcoin’s current price to its realized price. When this ratio falls below one (1), it implies that investors are underwater on their positions and may be less likely to buy or hold the asset, leading to further sell-offs.
Source: https://u.today/bitcoin-btc-on-verge-of-profitability-shift-per-this-key-indicator
