COINOTAG News, December 18, reported that Bitcoin price has slipped toward the average cost basis for short-term holders, with the 30D SOPR hovering near 0.98. This on-chain signal suggests rising selling from new market participants as risk appetite remains constrained.

The 30D SOPR tracks the average sale price of tokens by short-term holders. A value above 1 indicates profitable sales; below 1 indicates losses. The chart’s 0.98 region implies, on average, short-term holders are selling at a loss. A further dip could intensify Selling pressure and press toward local lows.

Market sentiment remains risk-averse for short-term holdings. A credible reversal would require the price to move above the actual STH price and the SOPR to rise above 1, signaling renewed demand and a potential stabilization near key support.