![Bitcoin’s [BTC] price reversal might be on the cards?](https://i.headtopics.com/images/2023/1/29/cryptoamb/bitcoin-s-btc-price-reversal-might-be-on-the-cards-bitcoin-s-btc-price-reversal-might-be-on-the-cards-1619690075536740359.webp)
BTC’s price has rallied by 40% since 1 January. Investors have recorded significant gains, and now, a price reversal might follow. Exchanging hands at the $23,200 price mark at press time, the leading coin Bitcoin [BTC], currently trades at levels last seen in August 2022. On a year-to-date basis, BTC’s price has rallied by 40%, […]
assessed BTC’s short-term Spent Output Profit Ratio and found that “sentiment from Bitcoin short-term on-chain participants has reached the greediest level since January 2021.” According to the analyst, the SOPR was positioned well above the bullish threshold of one, indicating an overly stretched market.Deltalytics noted further that the bullish trend could be short-lived without an increase in stablecoin reserves on spot exchanges.confirmed the analyst’s position.
An assessment of BTC’s movement on the daily chart confirmed the possibility of a price correction. Since 21 January, the king coin has traded in a tight range.
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