{"id":516383,"date":"2023-01-17T12:00:30","date_gmt":"2023-01-17T17:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=516383"},"modified":"2024-06-11T11:24:01","modified_gmt":"2024-06-11T11:24:01","slug":"bitcoin-asopr-bull-bear-resistance-break","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-asopr-bull-bear-resistance-break\/","title":{"rendered":"Bitcoin aSOPR Again Retests Bull-Bear Junction Level, Will Resistance Break This Time?"},"content":{"rendered":"

Data shows the Bitcoin Adjusted Spent Output Profit Ratio (aSOPR) is retesting the historical bull-bear junction. Will a break be found this time?<\/p>\n

Bitcoin aSOPR Is Currently Doing Another Rest Of 1.0 Level<\/h2>\n

As per the latest weekly report from Glassnode<\/a>, a successful retest here could suggest a meaningful regime shift in the BTC market. The “Spent Output Profit Ratio<\/a>” (SOPR) is an indicator that tells us whether Bitcoin investors are selling their coins at a profit or at a loss right now.<\/p>\n

When the value of this metric is greater than 1, it means the average holder in the market is moving coins at some profit currently. On the other hand, values below the threshold imply the overall market is realizing some loss at the moment. The SOPR being exactly equal to 1 naturally suggests that investors are just breaking even on their selling right now.<\/p>\n

A modified version of this indicator is the “Adjusted SOPR<\/a>” (aSOPR), which filters out all selling of coins that was done within only an hour of said coins being first acquired. The main advantage of this modification is that it removes noise from the data that wouldn’t have any noticeable impacts on the market anyways.<\/p>\n

Now, here is a chart that shows the trend in the 7-day exponential moving average (EMA) Bitcoin aSOPR over the last couple of years:<\/p>\n

\"Bitcoin<\/p>\n

The 7-day EMA value of the metric seems to have gone up in recent days | Source: Glassnode's The Week Onchain - Week 3, 2023<\/a><\/pre>\n
As shown in the above graph, the 7-day EMA Bitcoin aSOPR has sharply risen recently and has reached the 1 level for the first time since the pre-FTX crash. This level has been historically significant for BTC, as the crypto has often encountered resistance at it during bear market periods.<\/p>\n
Related Reading: Why A Morning Star Reversal Could Awaken A Monster Bitcoin Rally<\/a><\/div>\n
The reason behind this is the fact that the aSOPR equal to 1 line represents the break-even mark. Whenever the metric increases to this mark, it means enough holders are back in a state of neutrality that they are able to recoup their investment.<\/p>\n
Psychologically, investors see this as getting their previously lost money “back” and hence large-scale dumping takes place here, thus providing impedance to the crypto’s price.<\/p>\n
Related Reading: Glassnode Points Out This Bizarre Consistency In Bitcoin Cycles<\/a><\/div>\n
A successful break above this level would suggest, however, that there is enough demand in the Bitcoin market right now that holders are able to realize their profits and buyers are present to absorb this selling. Because of this, such breaks have usually led to a transition from bear to bull markets.<\/p>\n
When bull markets<\/a> take hold, the effect of the aSOPR 1 level flips, and the line instead starts providing support to the price of BTC.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $21,200, up 23% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the rally has come to a halt since hitting the $21,000 level | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows the Bitcoin Adjusted Spent Output Profit Ratio (aSOPR) is retesting the historical bull-bear junction. Will a break be found this time? Bitcoin aSOPR Is Currently Doing Another Rest Of 1.0 Level As per the latest weekly report from Glassnode, a successful retest here could suggest a meaningful regime shift in the BTC market. The “Spent Output Profit Ratio” (SOPR) is an indicator that tells us whether Bitcoin investors are selling their coins at a profit or at a loss right now. When the value of this metric is greater than 1, it means the average holder in the market is moving coins at some profit currently. On the other hand, values below the threshold imply the overall market is realizing some loss at the moment. The SOPR being exactly equal to 1 naturally suggests that investors are just breaking even on their selling right now. A modified version of this indicator is the “Adjusted SOPR” (aSOPR), which filters out all selling of coins that was done within only an hour of said coins being first acquired. The main advantage of this modification is that it removes noise from the data that wouldn’t have any noticeable impacts on the market anyways. Now, here is a chart that shows the trend in the 7-day exponential moving average (EMA) Bitcoin aSOPR over the last couple of years: The 7-day EMA value of the metric seems to have gone up in recent days | Source: Glassnode’s The Week Onchain – Week 3, 2023 As shown in the above graph, the 7-day EMA Bitcoin aSOPR has sharply risen recently and has reached the 1 level for the first time since the pre-FTX crash. This level has been historically significant for BTC, as the crypto has often encountered resistance at it during bear market periods. Related Reading: Why A Morning Star Reversal Could Awaken A Monster Bitcoin Rally The reason behind this is the fact that the aSOPR equal to 1 line represents the break-even mark. Whenever the metric increases to this mark, it means enough holders are back in a state of neutrality that they are able to recoup their investment. Psychologically, investors see this as getting their previously lost money “back” and hence large-scale dumping takes place here, thus providing impedance to the crypto’s price. Related Reading: Glassnode Points Out This Bizarre Consistency In Bitcoin Cycles A successful break above this level would suggest, however, that there is enough demand in the Bitcoin market right now that holders are able to realize their profits and buyers are present to absorb this selling. Because of this, such breaks have usually led to a transition from bear to bull markets. When bull markets take hold, the effect of the aSOPR 1 level flips, and the line instead starts providing support to the price of BTC. BTC Price At the time of writing, Bitcoin is trading around $21,200, up 23% in the last week. Looks like the rally has come to a halt since hitting the $21,000 level | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":516409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,86574,86575,717,1119,1144],"class_list":["post-516383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-asopr","tag-bitcoin-bull-bear-junction","tag-bitcoin-resistance","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin aSOPR Again Retests Bull-Bear Junction Level, Will Resistance Break This Time?<\/title>\n<meta name=\"description\" content=\"Data shows the Bitcoin Adjusted Spent Output Profit Ratio (aSOPR) is retesting the historical bull-bear junction. 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin aSOPR Again Retests Bull-Bear Junction Level, Will Resistance Break This Time?","url":"http:\/\/wncen.com\/news\/bitcoin-asopr-bull-bear-resistance-break\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-asopr-bull-bear-resistance-break\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/kanchanara-Lta5b8mPytw-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/kanchanara-Lta5b8mPytw-unsplash-1-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin asopr","bitcoin bull-bear junction","bitcoin resistance","btc","btcusd"],"dateCreated":"2023-01-17T17:00:30Z","datePublished":"2023-01-17T17:00:30Z","dateModified":"2024-06-11T11:24:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin aSOPR Again Retests Bull-Bear Junction Level, Will Resistance Break This Time?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-asopr-bull-bear-resistance-break\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-asopr-bull-bear-resistance-break\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/kanchanara-Lta5b8mPytw-unsplash-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/kanchanara-Lta5b8mPytw-unsplash-1-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin asopr\",\"bitcoin bull-bear junction\",\"bitcoin resistance\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-01-17T17:00:30Z\",\"datePublished\":\"2023-01-17T17:00:30Z\",\"dateModified\":\"2024-06-11T11:24:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/kanchanara-Lta5b8mPytw-unsplash-1-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516383"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=516383"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/516409"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=516383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=516383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=516383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}