IT Tech2022-02-11

Bitcoin end of Bearish sentiment?

Take a look for Short-Term HODLers sentiment again. (coin age 1h to 155 days). As You can see on the chart below Short Term Holders sold their BTC in loss when SOPR is going under 1 and this was strong ressintance We had 2 capitulation phases. If we compare this with May capitulation You can see that previous "Bear sentiment period" had 74 days (12 May 21 to 24 July 21). Second one Bearish sentiment had 79 days (16 Nov 21 to 03 Feb 2022). Short Term Holders SOPR is now over 1 which means investors are selling Bitcoin in profit. Now the value over 1 can be as a strong support. It's only propability and of course we can see some unexpected events like: war conflict, FED decisions, Elon Musk tweet, another variants of virus which can impact to stocks martket and then to Bitcoin price. Apart from this type of events You can see now Bearish sentiment is almost over. Bitcoin price need go over $46000 - 47000 to Bulls taking control again. For now I am waiting and observing situation.