Analysis: Bitcoin indicators show that the profit-taking phase is fading, and selling pressure from sellers is nearing exhaustion.

On December 6, CryptoOnchain posted on social media that the Bitcoin SOPR ratio has dropped to 1.35, marking the lowest level since the beginning of 2024. As Bitcoin pulled back to $89,700, this indicator shows that the market’s profitability has been fully “reset.” The phase of large-scale profit-taking by long-term holders is fading, indicating that selling pressure is nearing exhaustion. Historical data shows that when the market cools down and the SOPR ratio drops to such a low level, it often means a local bottom is forming. If a trend reversal occurs at this time, it could lay the foundation for the next healthy round of upward movement. BlockBeats note: The Bitcoin SOPR Ratio is a relatively advanced on-chain metric in cryptocurrency analysis. It is a “ratio” version derived from the Spent Output Profit Ratio (SOPR), mainly used to determine whether the market as a whole is dominated by profits or losses, and to help judge which phase of the bull-bear cycle the market is in.