The ether is filled with loud statements about a "bull" market $BTC , while its price teeters on the edge of $60,000. Let's figure out what's really going on.
Bullish Market Structure
The Bitcoin market maintains a “bullish structure” despite another test of the $60,000 mark. The current fears of market participants are absolutely groundless.
"Bitcoin has returned to $60,000 countless times in recent months, and each time people panic about a new reason. Same price, new narrative. But the bullish market structure remains intact.
Sounds convincing, doesn't it? But Bitcoin has fallen 6% in the last three days, falling from a two-month high above $66,000. Are our analysts being too optimistic?
What does blockchain data say?
Checkmate, the creator of Checkonchain, analyzes on-chain data through the lens of speculators taking profits. It uses the STH-SOPR (Short-Term Holder Profit Ratio) indicator, which measures the proportion of profitable transactions among those who hold bitcoin for less than 155 days.
STH-SOPR has now dropped below the central value of 1.0, which could signal a good opportunity to buy on the dip.$BTC
