Bitcoin has seen a rebound and is now trading above $99,000 following a dip earlier in the week. Analysts are keeping a close eye on key metrics, with one, known as Crypto Dan, highlighting the Short-Term Spent Output Profit Ratio (SOPR). This metric shows the profitability of spent outputs relative to their realized value and provides insights into market behavior during price corrections. Crypto Dan notes that the SOPR currently shows less profit-taking compared to previous correction periods, suggesting that the recent correction may be shorter in duration. However, he warns of the possibility of further sharp drops before a sustained reversal and cautions against aggressive short-term trades. The increase in Bitcoin's price can also be attributed to the latest update on the US Consumer Price Index (CPI), which saw the US Dollar decline while other assets experienced an uptick.



Other News from Today