BTC closed July over $ 41,000 in a bullish monthly candle. Before BTC recorded three consecutive monthly red candles. The price thus reached a turnover on the monthly chart which few expected.
On-chain data show that some long-term hodlers (LTH) actually sell with the growth of BTC / USD. According to analyst Lex Moskovsky, this corresponds to the phase “distrust“, The classic market cycle.
Moskovski raised the indicator of long-term hodlers – spent output profit ratio (LTH-SOPR), which reached its lowest level in 2021 this weekend.
SOPR focuses on the value of coins moving in a specific period of time to get the impression of profitability of coins sold. The decline towards a neutral value of 1 indicates that the profitability of the relevant coins is low.
“Some long-term hodlers sell with minimal profit, as indicated by LTH-SOPR. The indicator reaches this year’s minimum for two days in a row,” said Moskovski.
BTC must end August over $ 47,000
Equally excited was PlanB, the creator of the stock-to-flow, which called the BTC July close price a revival.
#BTC July closing price $ 41,490 b it bounced from the lows, like clockwork.
Stock-to-flow currently represents a BTC price of almost $ 100,000. Although the market price is remote, the model remains valid. PlanB determined minimum close price requirement in August at $ 47,000. Otherwise, the model would expire.
- 📊 Kekius Maximus Price Analysis – January 7, 2025 🎭 - January 7, 2025
- 🚀 TON Price Prediction – January 6, 2025 📊🤖 - January 6, 2025
- 🍪 Cookie DAO Price Prediction – January 3, 2025 🍪 - January 3, 2025
