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- The price of Bitcoin
is trading below $27,000. - The SOPR metric has dropped below 1.
- BTC price aims to break above the next resistance level.
Bitcoin (BTC) price failed to hold above $27,000 and is falling; What to expect from Bitcoin price next week?
Bitcoin Faces Pressure from Sellers!
The current downward rally in BTC price chart has been profitable enough for short-term sellers as Bitcoin is highly volatile. Data shows that the majority of short-term Bitcoin holders started making profits when the Bitcoin price crossed $25,200.
This indicates that many short-term holders are already in a profitable position and this could potentially lead to a price drop by encouraging them to liquidate their Bitcoin assets. The Spent Output Profit Ratio (SOPR), which shows that many Bitcoin addresses are selling at a loss, has dropped below 1.
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A SOPR value below 1 indicates that more coins are being sold at a loss than at a profit. This could indicate a potential market bottom as most sellers who invested near the highest prices are currently selling, potentially encouraging a rebound. However, the selling pressure experienced by short-term holders has not been reflected by those holding their Bitcoins for longer periods. According to Santiment’s data, the Market Value to Realized Value (MVRV) ratio has seen a significant drop in recent weeks.
This indicates that Bitcoin is no longer overvalued and long-term holders have no strong reason to sell their Bitcoin assets.
What to Expect from BTC Price Next Week?
On the 4-hour price chart, Bitcoin is supported by bulls as the price successfully recovers from $26,000. BTC’s price is currently trying to break above the EMA20 resistance level, which could take the price to a new resistance level.
BTC/USDt 4 Hour Price Chart
Bitcoin price is currently hovering around $26,863, up over 0.8% in the last 24 hours. The asset continues to navigate within a range bound zone of $26,500-$27,000. However, the asset could witness an increase in long positions near this level, and if the BTC price breaks above $26,900, bulls could gain confidence.
Bears are expected to try to push the price back to $26,500 in the next 2-3 days; however, with bulls trying to send the price above EMA50 at $27,500, a rebound seems to be on the horizon next week.
