Bitcoin’s Short-Term SOPR Shows Scope of Further Expansion, Is $60,000 Coming Soon?

Bitcoin (BTC) price movement is showing great strength surging nearly 4% today. At press time, Bitcoin is trading at a price of $56,222 with a market cap of $1.044 trillion.  Bitcoin on-chain indicators have turned favorable suggesting that Bitcoin has still scope of expansion hinting a move to its new all-time high above $60,000.
Popular crypto trader Whalemap notes that whale SOPR suggests room for expansion. It adds that if BTC manages to confidently consolidate between $55k-$58k levels. It should open doors for new price discovery. Meaning it’s all set to hit its new all-time high.

Whale SOPR on the daily still has room for expansion. Confidently consolidating over $55k-$58k should open up the door for price discovery.
— whalemap (@whale_map) March 10, 2021

The Whale SOPR shows if addresses above 1,000 BTC are profiting or losing value on the Bitcoins that they are sending.
Adding to further bullishness, crypto analysts Joseph Young states:

“Bullish on Bitcoin. Short-term SOPR indicates the level of unrealized profit in the market. It is almost at zero for the first time since it printed a local bottom back in late February.Reset, back up”.

Despite the jitters pertaining to bond yield and stock market correction, Bitcoin has shows strength in recent times. The world’s largest crypto is confidently surging ahead and looking to break its all-time high of $58,350 attained last month in February.
U.S. Stimulus Checks Playing a Big Role In Bitcoin Rally
As per Bloomberg, rising institutional interest and the …
Story continues on CoinGape

Related posts
Banking RegulatorBinance.usBitcoin.comBlake PaulsonBrian BrooksCatherine ColeyCoinbaseCryptoCrypto ComptrollerExchangesNewsOCCOffice of the Comptroller of the CurrencyregulatorUS Binance

Former Comptroller of the Currency Brian Brooks to Lead Binance’s US Trading Platform

A former top regulator and acting head of the U.S. Comptroller of the Currency, Brian Brooks has been appointed the CEO of crypto exchange Brooks will lead the exchange on May 1st and replace the company’s current lead, Catherine…
AltcoinsAnalysisHideCryptopanicNewsNews 1Trading View

Cardano Price Analysis: 20 April

Cardano’s price has seen rangebound price movement for more than a month. While the surge that took place at the start of February did seem promising, the coin hasn’t been able to replicate such uThe post Cardano Story continues on…
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Uniswap Price Analysis: 20 April

A lot of the gains Uniswap was able to register in the past month were undone as bearish pressure overwhelmed the crypto market a few days back. While many of the altcoins were quick to recover, UNI?The post Uniswap Story…