Currently, the Bitcoin market stands over 30% below the all-time high. In February, the market recorded a drop of 17.5%.
The Short-Term Spent Output Profit Ratio (SOPR) and UTXO Age Band (1-3 months) chart from Glassnode suggests that short-term investors are selling less.
This chart group looks specifically at all the Bitcoin that has not been moved for 1 to 3 months. It shows how much BTC is being held by people who have owned it for this short period. Changes in this band can suggest the behaviour of recent buyers – are they holding onto their Bitcoin or are they starting to sell?
Recently, several analysts predicted that the Bitcoin market would witness a sharp shift in its current trend. Pointing towards on-chain data, experts, like Axel Adler Jr, revealed that long-term holders have resumed accumulation. He even predicted that if either the US Federal Reserve or the Trump administration provides positive signals, the Bitcoin price could rise as high as $130K.
According to the latest data, the Bitcoin market stands over 30% below the all-time high. In February, the market recorded a drop of 17.5%. In the previous months, it registered a decline of 2.19%. In the last seven days alone, the market has decreased by 3.2%. However, in the last 24 hours, it has witnessed a surge of 0.9%.
Bitcoin’s RSI remains at 48.30, indicating that there is enough room for growth in the market. The BTC price sits at $84,853.24. Bitcoin’s 50-day SMA is $88.056.04. Its 100-day SMA is $93,407.43. Its 200-day SMA is $86,309.97. The 24-hour volume of Bitcoin is $29,690,672,629.
According to analysts, reduced selling pressure may help stabilise BTC prices. According to on-chain data, short-term BTC investors are selling less, which indicates that they are becoming more confident.
Yesterday alone, the Bitcoin market experienced a rise of over 3.08%.
Historically, April is a favourable month for BTC. Since 2011, at least nine times the market has shown positive momentum in April, compared to six times in March and eight times in May.
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