{"id":548431,"date":"2023-08-22T20:00:19","date_gmt":"2023-08-22T20:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=548431"},"modified":"2024-06-11T08:11:49","modified_gmt":"2024-06-11T08:11:49","slug":"bitcoin-show-repeat-of-the-march-rebound","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-show-repeat-of-the-march-rebound\/","title":{"rendered":"Will Bitcoin Show A Repeat Of The March Rebound?"},"content":{"rendered":"

Will Bitcoin observe a repeat of the rebound that took place after the crash back in March? Here’s what this on-chain metric suggests.<\/p>\n

Bitcoin Short-Term Holder SOPR Is Showing A Pattern Similar To March<\/h2>\n

As an analyst in a CryptoQuant post<\/a> explained, if the BTC short-term holder SOPR crosses above 1 in the coming days, a rebound might occur. The “Spent Output Profit Ratio<\/a>” (SOPR) here refers to an indicator that tells us whether the investors are selling their Bitcoin at a profit or a loss right now.<\/p>\n

When the value of this metric is greater than 1, it means that the average holder is currently moving their coins at a profit. On the other hand, values under this threshold imply that loss-taking is the dominant behavior in the market.<\/p>\n

The SOPR being precisely equal to one naturally suggests that the investors are just breaking-even on their selling currently, as the total amount of profits realized in the market is precisely canceling out the losses.<\/p>\n

In the context of the current discussion, the SOPR for only a specific market segment is of interest. Namely, the short-term holder<\/a> (STH) SOPR is the relevant metric.<\/p>\n

Here is a chart that shows the trend in the 7-day simple moving average (SMA) Bitcoin STH SOPR over the past few months:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the 7-day SMA value of the metric has been below the 1 mark in recent days | Source: CryptoQuant<\/a><\/pre>\n
The STH group includes investors who purchased their BTC less than 155 days ago. This cohort makes up one of the two main segments of the market, the other side being the “long-term holders<\/a>” (LTHs).<\/p>\n
As displayed in the graph, the 7-day Bitcoin STH SOPR had been floating around the neutral mark before the recent crash, but following it, the metric has plunged into the loss territory. This would suggest that the STHs have been panic-selling at a loss after they witnessed the cryptocurrency register a deep drawdown.<\/p>\n
Related Reading: Bitcoin Dip Worth Buying? What Market Sentiment Suggests<\/a><\/div>\n
The chart shows that the crash back in March of this year also pushed the STHs into selling at a loss. The lowest value that the 7-day STH SOPR has seen in the current crash so far has been similar to what the March crash observed.<\/p>\n
Historically, capitulation has allowed the asset to form bottoms, as in such events, the weak hands exit the market, and the more persistent investors may pick up their coins.<\/p>\n
This effect seems to have worked in March, as the coin hit its bottom during the STHs’ capitulation. As the loss selling slowed down, Bitcoin rebounded in speculator fashion, as its price jumped below $20,000 to near the $30,000 mark.<\/p>\n
Related Reading: Will Bitcoin Retest $20,500 Again? This Pattern May Suggest So<\/a><\/div>\n
Currently, the STHs’ loss selling is slowing down, as the metric’s value is gradually rising. The latest capitulation may have also allowed BTC to form a bottom this time. It remains to be seen whether that was the case, and if Bitcoin can show a rebound similar to back in March.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,000, down 11% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has been hanging on around the $26,000 level | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Yi\u011fit Ali Atasoy on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Will Bitcoin observe a repeat of the rebound that took place after the crash back in March? Here’s what this on-chain metric suggests. Bitcoin Short-Term Holder SOPR Is Showing A Pattern Similar To March As an analyst in a CryptoQuant post explained, if the BTC short-term holder SOPR crosses above 1 in the coming days, a rebound might occur. The “Spent Output Profit Ratio” (SOPR) here refers to an indicator that tells us whether the investors are selling their Bitcoin at a profit or a loss right now. When the value of this metric is greater than 1, it means that the average holder is currently moving their coins at a profit. On the other hand, values under this threshold imply that loss-taking is the dominant behavior in the market. The SOPR being precisely equal to one naturally suggests that the investors are just breaking-even on their selling currently, as the total amount of profits realized in the market is precisely canceling out the losses. In the context of the current discussion, the SOPR for only a specific market segment is of interest. Namely, the short-term holder (STH) SOPR is the relevant metric. Here is a chart that shows the trend in the 7-day simple moving average (SMA) Bitcoin STH SOPR over the past few months: Looks like the 7-day SMA value of the metric has been below the 1 mark in recent days | Source: CryptoQuant The STH group includes investors who purchased their BTC less than 155 days ago. This cohort makes up one of the two main segments of the market, the other side being the “long-term holders” (LTHs). As displayed in the graph, the 7-day Bitcoin STH SOPR had been floating around the neutral mark before the recent crash, but following it, the metric has plunged into the loss territory. This would suggest that the STHs have been panic-selling at a loss after they witnessed the cryptocurrency register a deep drawdown. Related Reading: Bitcoin Dip Worth Buying? What Market Sentiment Suggests The chart shows that the crash back in March of this year also pushed the STHs into selling at a loss. The lowest value that the 7-day STH SOPR has seen in the current crash so far has been similar to what the March crash observed. Historically, capitulation has allowed the asset to form bottoms, as in such events, the weak hands exit the market, and the more persistent investors may pick up their coins. This effect seems to have worked in March, as the coin hit its bottom during the STHs’ capitulation. As the loss selling slowed down, Bitcoin rebounded in speculator fashion, as its price jumped below $20,000 to near the $30,000 mark. Related Reading: Will Bitcoin Retest $20,500 Again? This Pattern May Suggest So Currently, the STHs’ loss selling is slowing down, as the metric’s value is gradually rising. The latest capitulation may have also allowed BTC to form a bottom this time. It remains to be seen whether that was the case, and if Bitcoin can show a rebound similar to back in March. BTC Price At the time of writing, Bitcoin is trading around $26,000, down 11% in the last week. BTC has been hanging on around the $26,000 level | Source: BTCUSD on TradingView Featured image from Yi\u011fit Ali Atasoy on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":548436,"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":[428,506,89182,87825,1119,1144],"class_list":["post-548431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-crash","tag-bitcoin-march-rebound","tag-bitcoin-rebound","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nWill Bitcoin Show A Repeat Of The March Rebound?<\/title>\n<meta name=\"description\" content=\"Will Bitcoin observe a repeat of the rebound that took place after the crash back in March? 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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":"Will Bitcoin Show A Repeat Of The March Rebound?","url":"http:\/\/wncen.com\/news\/bitcoin-show-repeat-of-the-march-rebound\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-show-repeat-of-the-march-rebound\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/yigit-ali-atasoy-z1jggXh29_Q-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/yigit-ali-atasoy-z1jggXh29_Q-unsplash.jpg?fit=4724%2C2657"},"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 crash","bitcoin march rebound","bitcoin rebound","btc","btcusd"],"dateCreated":"2023-08-22T20:00:19Z","datePublished":"2023-08-22T20:00:19Z","dateModified":"2024-06-11T08:11:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Will Bitcoin Show A Repeat Of The March Rebound?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-show-repeat-of-the-march-rebound\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-show-repeat-of-the-march-rebound\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/yigit-ali-atasoy-z1jggXh29_Q-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/yigit-ali-atasoy-z1jggXh29_Q-unsplash.jpg?fit=4724%2C2657\"},\"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 crash\",\"bitcoin march rebound\",\"bitcoin rebound\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-08-22T20:00:19Z\",\"datePublished\":\"2023-08-22T20:00:19Z\",\"dateModified\":\"2024-06-11T08:11:49Z\"}<\/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\/08\/yigit-ali-atasoy-z1jggXh29_Q-unsplash.jpg?fit=4724%2C2657","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548431"}],"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=548431"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548436"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}