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Did Bitcoin bottom at $92K? These 3 BTC charts say the worst is over
Bitcoin fell 11% between Jan. 7 and 9, breaking below the $92,000 level for the first time in nine days. This decline led to the liquidation of over $257.5 million in leveraged long positions over the same period and coincided with profit-taking, strong economic data and uncertainty surrounding US President-elect Donald Trump’s upcoming inauguration. Despite this short-term bearish momentum, three data metrics indicate that the drop to $92,000 may have marked the local bottom for BTC, providing a good entry point for investors. Onchain data reveals that Bitcoin’s spent output profit ratio (SOPR) dropped to 0.98 ... (full story)
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- Posted: Jan 11, 2025 6:07am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 236
