In a tweet on Sept. 14, Philip Swift, an analyst at trading suite platform Decentrader, espied an ongoing bullish trend in spent output profit ratio (SOPR).
Bitcoin bears run out of FUD
Last time, BTC/USD then launched to local highs of $53,000 over the subsequent few weeks, and hopes are now high that a repeat will materialize.
“We have seen more on-chain selling at a loss over the past few days,” Swift commented.
“This is bullish, particularly after the aggressive summer sell-off. Bears are getting exhausted. Time for the bitcoin bulls to take over very soon.”
SOPR is far from the only Bitcoin market component calling for a return to bullish upside. Investors themselves are betting on continuation, adding to positions both large and small despite last week’s price dip.
MicroStrategy courts custodian theories
“In case people wonder why MicroStrategy is such a large holder. I think public companies find it easier to buy a convertible debt instrument from MicroStrategy to gain BTC exposure than to hold the underlying asset. IMO MicroStrategy hold BTC for many companies,” he wrote in a Twitter discussion.