The profitability of Bitcoin's short-term holders is facing a crucial test as the cryptocurrency's short-term holder spent output profit ratio (STH-SOPR) hovers around the breakeven level of 1.0. Breaking above 1.0 would signal renewed bullish strength, while failure could lead to increased selling pressure. The last time STH-SOPR broke above 1.0 was in January, but the subsequent rally was short-lived. Currently, the STH-SOPR Multiple is in the red zone, indicating short-term holders have been experiencing losses, which adds downside risk. If BTC fails to break through 1.0, it could trigger another wave of selling, reinforcing the short-term bearish outlook. However, CryptoQuant CEO Ki Young Ju believes the bull market remains intact, with support levels indicating a 30% dip in Bitcoin's price should not be a major concern.



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