Chartoday
The SOPR shows capitulation is still not here
It has been a while since I wrote my last article, but things have started to get interesting again. We have a lot of news in the crypto space, such as the Celsius collapse (related to Lido’s stETH), USDD (Tron’s stablecoin) and many other things that show us the bear market is going deeper and deeper. However, we’re not done yet: most of the bearish targets haven’t been touched yet, and the SOPR (Spent Output Profit Ratio), metric I’m going to talk about now, is not showing any bottom signs yet. This shows whether moved coins are being sold at a profit or at a loss, where values over one mean the first option happens. So looking historically, a drop below one in both previous bear market has meant that a consolidation range/pullback was coming. And that’s what we got until now (January-March and May). Bitcoin’s next move is probably to keep going down until we see way more coins being sold at a loss. That’s what capitulation implies in the end.