On-chain Bearish Trend Continues

On-chain-Bearish-Trend-Continues

Short-term sentiment from on-chain participants continues to be in a bearish trend (short-term sopr < 1). Resistance level was just reached for the most recent daily close. This is bearish for the week ahead. 

Note (short-term SOPR vs. aSOPR):
Given all participants who bought after December 2020 are now in loss, it's tough for long-term holder SOPR to turn back to a positive trend anytime soon. As a result, short-term SOPR becomes a more informational and dynamic metric compared to aSOPR/SOPR under current market conditions (aSOPR/SOPR combines both long-term and short-term data).