The Spent Output Profit Ratio (SOPR) of Bitcoin now exceeds the key 1.0 threshold as recently transacted coins are again being sold at a profit. The market experienced a halt when SOPR fell under 1.0 last week, leading short-term holders to sell their assets at a loss.
SOPR measures whether coins moved on-chain are being sold above or below their buying price. A reading above 1.0 implies that, on average, holders are realising gains.
The market usually shows better short-term trading conditions, which lead to price rebounds after the asset reaches this specific threshold.
SOPR dropped to 0.94, which indicates that investors have reached their maximum selling capacity. The market experiences these drops as inexperienced traders sell their holdings in panic.
The following rebound above 1.0 suggests that selling pressure from losses has ended as investors regained confidence again.
The on-chain data signals a period of consolidation. Bitcoin remains trapped within a price range from $60,000 to $72,000, while $82,000 acts as a ceiling for rallies.
SOPR recovery shows that transaction profitability has improved, yet the asset prices still need to exceed the top price limit of the current range.
Trading volumes have thinned compared to late-2025 levels, and ETF outflows have weighed on liquidity.
Thin order books mean that even moderate sell pressure can produce sharp price swings, limiting the sustainability of upward moves.
Recent rallies appear to be driven more by short-covering than fresh capital inflows. Long-term holders and institutional participants continue to distribute into strength, preventing momentum.
As a result, Bitcoin’s price action has been reactive rather than structurally bullish.
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BTC has been consolidating between $65,729 and $71,746 since February 7. Monday sees BTC trading at $68,365 with a 2.70% drop.
If BTC breaks above $71,746, it will enable the coin to extend its recovery until it reaches the resistance at $73,072.
The Relative Strength Index (RSI) on the daily chart reads 35, which rebounded from oversold conditions, thus indicating that selling pressure is decreasing.
The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday, further evidence supporting the recovery thesis.
The market will experience more losses if it falls below $65,729, accelerating a decline toward key support at $60,000.