Hey there, crypto enthusiasts! Glassnode, the on-chain wizards, just spilled the beans on how Bitcoin tends to hit the brakes when a certain group of holders starts feeling the heat. Yep, we’re talking about those Short-Term Holders (STHs) who are currently doing a little dance with their losses. 📉 Picture this: as BTC takes a dip, these holders start sweating bullets as their precious coins slide into the red zone. 💸 But fear not, dear readers, for the Cost Basis Distribution chart reveals a cluster of support around the $120,000 mark, showing that these investors are holding strong despite the storm. 📈 Now, let’s talk about the Spent Output Profit Ratio (SOPR) – the secret sauce that tells us if holders are popping bottles or crying into their keyboards. When SOPR dips below 1, it’s like a sad trombone playing in the background, indicating that losses are hogging the spotlight. 🎻 But wait, there’s more! Glassnode whipped out a chart that’s hotter than a fresh batch of meme coins, showing that recent investors are starting to offload their bags at a slight loss. If this trend continues, we might just witness a classic ‘buy the dip’ moment when these holders throw in the towel. 💪 As for the current Bitcoin status report: the OG crypto is strutting around the $116,000 mark, taking a chill 2% dip in the past week. But hey, don’t hit the panic button just yet – the crypto rollercoaster might just be gearing up for another wild ride to the moon! 🚀
Is Bitcoin About to Bounce Back? The Crypto Tea Leaves Say Yes!
