Jan 15, 2021 04:47 GMTCrypto News
Bitcoin SOPR is at extreme overbought conditions suggesting that the bull-run still is intact.
Short-term Bitcoin holders (traders) are helping to push Bitcoin in profit.
The Entity-Adjusted SOPR points to a possible pullback after overshadowing the 2017 top.
Bitcoin boasts of a nearly 30% rebound after touching the major support at $30,000 early this week. Despite the massive liquidations in the futures market, which saw over $1.5 billion wiped off, BTC presented a strong bullish front, bringing down the seller congestion at $36,000 and $38,000.
At the time of writing, the bellwether cryptocurrency is trading marginally above $39,000 after touching $40,000 on Friday during the Asian session. The Spent Output Profit Ration (SOPR), an on-chain metric by Glassnode, is exceptionally overbought, as Rafael Schultze-Kraft discussed, a renowned on-chain analyst. This situation calls for a couple of events; Bitcoin may settle for consolidation or embrace some mid-term but healthy pullbacks.