Bitcoin (BTC) bears are “exhausted” and are even selling at a loss this week, fresh data confirms.
In a tweet on Tuesday, Philip Swift, an analyst at trading suite platform Decentrader, espied an ongoing bullish trend in spent output profit ratio (SOPR).
Bitcoin bears run out of FUD
SOPR, a classic metric for determining oversold periods on Bitcoin markets among other things, flipped to “buy” for the first time since July last week.
Last time, BTC/USD then launched to local highs of $53,000 over the subsequent few weeks, and hopes are now high that a repeat will materialize.
“We have seen more on-chain selling at a loss over the past few days,” Swift commented.
“This is bullish, particularly after the aggressive summer sell-off. Bears are getting exhausted. Time for the bitcoin bulls to take over very soon.”Bitcoin SOPR chart. Source: Decentrader
SOPR is far from the only Bitcoin market component calling for a return to a bullish upside. Investors themselves are betting on continuation, adding