Bitcoin investors are currently watching an on-chain metric that could determine the direction of the market. The "Spent Output Profit Ratio" (SOPR), an indicator that reveals whether Bitcoin investors are moving their coins with profit or loss, has fallen to a value of 1. Analysts noted that short-term holders are currently selling their profit margins. The SOPR metric, specifically for Bitcoin's Short-Term Holders (STHs), has historically served as a support level whenever it fell to the 1-line level. This indicates that investors consider their buying opportunity profitable. If the SOPR metric fails to recover this support level, it may suggest that Bitcoin could be transitioning back to a bearish phase. Currently, Bitcoin is priced at around $27,000, a 2% decline in the last week.
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