Following a fresh wave of bearish pressure on Friday, December 5, the price of Bitcoin has struggled beneath the psychological 90,000 level for much of the weekend. However, the latest on-chain data suggests that the premier cryptocurrency might be readying for its next healthy upward move.<\/p>\n
In a December 6 post on the X platform, CryptoOnchain hypothesized<\/a> that a local bottom appears to be forming for the price of Bitcoin. According to the market pundit, the selling pressure, especially amongst long-term holders, seems to be fading off at the moment.<\/p>\n This market observation centers on the Spent Output Profit Ratio (SOPR) metric, which evaluates the profitability ratio of spent outputs for both long-term and short-term holders. This on-chain indicator evaluates whether market participants are selling their assets at a profit or at a loss.<\/p>\n Typically, when the Bitcoin Spent Output Profit Ratio has a value greater than 1, it indicates that the investors are selling at a profit. On the flip side, an SOPR value less than 1 implies that the market participants are offloading their coins while in the red.<\/p>\n According to CryptoOnchain, the Bitcoin SOPR has now fallen to 1.35, its lowest level since early 2024. The market analyst noted that this metric\u2019s latest movement suggests a complete reset in market profitability, especially as the price of BTC slid beneath the $90,000 mark.<\/p>\n Furthermore, CryptoOnchain highlighted that the heavy profit-taking phase by long-term holders appears to be coming to an end, as exhaustion and fatigue increasingly spread among the bears. From a historical perspective, the SOPR metric falling to this low signals a local bottom is forming<\/a> for the BTC price, especially as the market cools down.<\/p>\n Ultimately, CryptoOnchain revealed that a price rebound at this point could set the stage for Bitcoin\u2019s next healthy upward rally.\u00a0<\/p>\nBitcoin Price At A Glance<\/h2>\n