$6.5 Billion US Bitcoin Sale Scare Fuels Bearish BTC Setups…

Comparative fractals from 2023 reveal that durations of damaging SOPR usually preceded sharp bullish rallies, offering a counterintuitive sign for accumulation. For instance, throughout Bitcoin’s correction to $27,000 in mid-2023, SOPR fell beneath 1, sparking a surge to new highs by year-end.

Macro indicators, together with MVRV, NUPL, and the Puell A number of, recommend that Bitcoin’s present correction is a mid-cycle retracement slightly than the top of its broader uptrend. Notably, 60% of Bitcoin’s circulating provide stays held by short-term buyers—according to prior bullish setups.

As bearish sentiment dominates, historic patterns recommend strategic accumulation alternatives for long-term buyers. Promoting at present ranges might show unwise, with important upward potential remaining in Bitcoin’s ongoing market cycle.

UTXO Age Bands Present Lengthy-Time period Holder Confidence

The UTXO Age Bands, which observe the proportion of Bitcoin provide held throughout totally different holding durations, point out that long-term holders stay steadfast regardless of latest market volatility. Over 60% of Bitcoin’s provide has been held by wallets which have been inactive for greater than six months, a powerful sign of market confidence.