Bitcoin’s Price Hits $29K: Analysing the Metrics


  • Bitcoin price has surged beyond $29,000.
  • On-chain data shows a large number of BTC holders are buying and holding the asset.
  • A macro sentiment indicator shows Bitcoin is on the brink of a parabolic move.

Bitcoin rose significantly on Monday, surpassing the $29,000 mark. Data shows that the gains are thanks to a growing number of BTC holders.

The upcoming week is packed with economic data releases, but traders in the Bitcoin market are more focused on the long-term prospects of the asset, according to Santiment tweeting.

This could create a bullish momentum for buyers.

Examining the aSOPR

According to Ali on Twitter, the Adjusted Spent Output Profit Ratio (aSOPR) suggests that BTC is preparing for a parabolic move.

In a price forecast from last weekend, when BTC was trading around $28k, the analyst pointed to the aSOPR. As Bitcoin surged above $29k, the potential movement is still in play.

Another Bitcoin indicator hints at explosive growth! Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains. aSORP recently moved above 1, suggesting $BTC readies to go parabolic,” the analyst said.

Currently, BTC/USD trades around $29,200 and bulls need to break the $30k resistance zone to continue the rally. Otherwise, the consolidation of the past few weeks might lead to a dip below the range.

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