Bitcoin (BTC) Price Support Faces “Different Narrative” as STH-SOPR Dips Below 1.0

Bitcoin still has a “bullish market structure” after another retest of $60,000 support, analysis indicates.

Bitcoin’s latest support retest at $60,000 is still a sign of a “bullish market structure,” analysis shows.

Pseudonymous trader and analyst Rekt Capital notably dismissed “fearful” market sentiment over current BTC price action in one of his latest updates on X.

BTC price support tells a ‘different story’

According to Rekt Capital, Bitcoin has had a well-established fundamental psychological level at $60,000, and returning to test it from above is not a reason for cold feet.

Over the past three days, BTC/USD dropped around 6%, having previously hit two-month highs above $66,000, data from Cointelegraph Markets Pro and TradingView shows.

BTC/USD 1-hour chart. Source: TradingView

“BTC has visited the low-$60,000s multiple times over the last several months — a different narrative to fearful market participants,” the X post reads.

Rekt Capital's sentiment is shared by fellow trader Jelle, who highlighted that BTC/USD is still in the process of a higher resistance/support (R/S) flip.

“A bit of red to start the quarter, everyone is in full-on PTSD mode,” he told X followers.

BTC/USD chart. Source: Jelle/X

As reported by Cointelegraph, bearish BTC price predictions have called for a drop of up to 10% — or more — to levels below $60,000 if it fails to hold.

Entrepreneur and crypto enthusiast Mark Cullen joined that camp on Oct. 3, advising traders to prepare for a potential dip to around $57,000.

“It's taking time, but Bitcoin still seems to be heading lower,” an X post concluded.

BTC/USD chart. Source: Mark Cullen/X

Bitcoin short-term holder metric hits ‘stack’ zone

Meanwhile, analyzing onchain data, Checkmate, the pseudonymous creator of data resource Checkonchain, viewed recent price action through the lens of profit-taking by Bitcoin speculators.

Related: 3 bullish signs that Bitcoin Q3 close was anything but bearish

This was done using the short-term holder spent output profit ratio (STH-SOPR) metric, which measures the portion of funds in profit when moved onchain by speculators, defined as those hodling the funds involved for up to 155 days.

The STH-SOPR dropped below its center 1.0 value, arguably setting up a viable “buy the dip” opportunity.

“If Bitcoin STH STH-SOPR is high… don't buy, it usually means people are taking profits and applying sell-side,” Checkmate said.

Bitcoin STH-SOPR chart. Source: Checkmate/X

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