{"id":419548,"date":"2024-09-01T04:30:34","date_gmt":"2024-08-31T23:00:34","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=419548"},"modified":"2024-08-31T16:47:36","modified_gmt":"2024-08-31T11:17:36","slug":"bitcoins-sopr-hits-1-but-what-does-that-mean-for-traders-like-you","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoins-sopr-hits-1-but-what-does-that-mean-for-traders-like-you\/","title":{"rendered":"Bitcoin&#8217;s SOPR hits 1, but what does that mean for traders like you?"},"content":{"rendered":"<ul>\n<li><em>Bitcoin&#8217;s long-term holder SOPR hit 1, indicating average sells at break-even<\/em><\/li>\n<li><em>Analysis of BTC&#8217;s key metrics and patterns suggested the bull run is still on.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin&#8217;s [BTC]<\/a> recent price action and on-chain metrics are crucial for understanding market sentiment, given its position as the cryptocurrency with the largest market cap.<\/p>\n<p>The Long-term Holder SOPR that tracks Bitcoin transactions by those who\u2019ve held <a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\">BTC<\/a> for over 155 days is a key metric. When the SOPR&#8217;s value is above 1, it indicates profits, while a value below 1 signals losses.<\/p>\n<p>After the most recent Bitcoin price drop, the SOPR hit 1, meaning many traders sold at break-even &#8211; A sign of market caution.<\/p>\n<figure id=\"attachment_419566\" aria-describedby=\"caption-attachment-419566\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR0yKYbQAQB3Hk.jpeg\"><img decoding=\"async\" class=\"wp-image-419566 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR0yKYbQAQB3Hk.jpeg\" alt=\"Bitcoin BTC\" width=\"1280\" height=\"719\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR0yKYbQAQB3Hk.jpeg 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR0yKYbQAQB3Hk-300x169.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR0yKYbQAQB3Hk-1024x575.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR0yKYbQAQB3Hk-768x431.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR0yKYbQAQB3Hk-1200x674.jpeg 1200w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-419566\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin [BTC]<\/a>, which had previously surged to $62k, is now trading below this level due to massive liquidations around the aforementioned level.<\/p>\n<h2>BTC&#8217;s broadening wedge at critical support level<\/h2>\n<p>Right now, <a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin&#8217;s<\/a> price action in the BTC\/USDT pair is advancing within a broadening wedge pattern. This is typically a consolidation phase, signaling the calm before a potential market move.<\/p>\n<p>This pattern is sitting at a critical support level, with accumulation continuing as traders remain skeptical about Bitcoin\u2019s potential for an upward projection.<\/p>\n<p>Now, there is potential for <a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin<\/a> to slip to the $53k price level before a possible upturn, likely in Q4 2024. The price stalling around $59k adds to the uncertainty surrounding this critical period.<\/p>\n<figure id=\"attachment_419567\" aria-describedby=\"caption-attachment-419567\" style=\"width: 1261px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWSsa6xacAAvZX1.png\"><img decoding=\"async\" class=\"wp-image-419567 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWSsa6xacAAvZX1.png\" alt=\"Bitcoin BTC\" width=\"1261\" height=\"453\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWSsa6xacAAvZX1.png 1261w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWSsa6xacAAvZX1-300x108.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWSsa6xacAAvZX1-1024x368.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWSsa6xacAAvZX1-768x276.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWSsa6xacAAvZX1-1200x431.png 1200w\" sizes=\"(max-width: 1261px) 100vw, 1261px\" \/><\/a><figcaption id=\"caption-attachment-419567\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>Further analysis of funding rates from Coinglass revealed little change over the past month. This, despite the massive market flush on 5 August triggered by Japan\u2019s stock market crash due to rate hikes.<\/p>\n<p>Since then, while funding rates have stabilized, they&#8217;ve remained relatively low. This supports the idea that Bitcoin is in an accumulation phase.<\/p>\n<h2>BTC RSI breakout pointed to a rebound<\/h2>\n<p>Moreover, <a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin&#8217;s<\/a> Relative Strength Index (RSI) recently recorded its second significant breakout during this bull cycle, which could be setting the stage for another rally.<\/p>\n<p>If Bitcoin [BTC] dips further below the $53k level, it might trigger panic selling, potentially leading to a rebound.<\/p>\n<p>The RSI breakout, similar to a previous instance that led to a major bullish rally, suggested that BTC might be gearing up for another northbound surge.<\/p>\n<figure id=\"attachment_419570\" aria-describedby=\"caption-attachment-419570\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR66LOWwAAgago-scaled.jpeg\"><img decoding=\"async\" class=\"wp-image-419570 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR66LOWwAAgago-scaled.jpeg\" alt=\"Bitcoin BTC\" width=\"2560\" height=\"1232\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR66LOWwAAgago-scaled.jpeg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR66LOWwAAgago-300x144.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR66LOWwAAgago-1024x493.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR66LOWwAAgago-768x369.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR66LOWwAAgago-1536x739.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR66LOWwAAgago-2048x985.jpeg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWR66LOWwAAgago-1200x577.jpeg 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-419570\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h2>History of last quarter&#8217;s post-halving<\/h2>\n<p>Historically, the last quarter of the year following a <a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin [BTC]<\/a> halving has been bullish. This trend might continue in 2024.<\/p>\n<p>Despite a frustrating and stagnant summer market, Bitcoin investors and traders should remain patient, as the market has a history of rewarding those who hold on during such periods.<\/p>\n<p>This could be an opportune time to accumulate more BTC, anticipating a potential rally in the final quarter of the year.<\/p>\n<figure id=\"attachment_419572\" aria-describedby=\"caption-attachment-419572\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWQFSIwWwBc81A6-scaled.jpeg\"><img decoding=\"async\" class=\"wp-image-419572 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWQFSIwWwBc81A6-scaled.jpeg\" alt=\"Bitcoin BTC\" width=\"2560\" height=\"1662\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWQFSIwWwBc81A6-scaled.jpeg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWQFSIwWwBc81A6-300x195.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWQFSIwWwBc81A6-1024x665.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWQFSIwWwBc81A6-768x499.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWQFSIwWwBc81A6-1536x997.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWQFSIwWwBc81A6-2048x1330.jpeg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/GWQFSIwWwBc81A6-1200x779.jpeg 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-419572\" class=\"wp-caption-text\">Source: Titan of Crypto\/X<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s SOPR hitting 1 can be interpreted as a sign of wary caution across the market. <\/p>\n","protected":false},"author":98,"featured_media":419648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-419548","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin&#039;s SOPR hits 1, but what does that mean for traders like you? 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