According to BitJie, Bitcoin continues to trade below the $90,000 level, failing to break key resistance. Short-term holders are selling at a loss, as reflected by the STH SOPR dropping below 1. On-chain data from Axel Adler shows deteriorating market sentiment, with profit and loss blocks indicating widespread losses. The 7-day moving average of STH SOPR is near 0.99, signaling ongoing pressure and emotional selling. Bitcoin has fallen about 30% from its all-time high, entering a correction phase. Weekly analysis shows BTC trading near $89,900, struggling to hold above the 200-week moving average. The 50-week moving average remains bearish, confirming the ongoing adjustment phase.
Bitcoin STH SOPR Falls Below 1, Market Pressure Intensifies
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Summary
Bitcoin analysis shows the STH SOPR has fallen below 1, signaling increased selling pressure. On-chain data from Axel Adler reveals worsening sentiment, with profit and loss blocks showing widespread losses. Bitcoin news reports BTC trading near $89,900, down roughly 30% from its peak. The 7-day STH SOPR average is near 0.99, reflecting ongoing emotional selling. Bitcoin analysis also notes the 200-week moving average is under pressure, with the 50-week line remaining bearish.
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