Bitcoin News: Short-Term Holder SOPR Tests Breakeven, Indicating Potential Market Momentum Shift

Recent data from Glassnode reveals insights into Bitcoin`s market dynamics, specifically focusing on the Short-Term Holder Spent Output Profit Ratio (STH-SOPR). This metric is currently testing a crucial breakeven level, hinting at a potential change in the overall market momentum.

Bitcoin Short-Term Holder SOPR Tests Breakeven Amid Market Uncertainty

Bitcoin’s Short-Term Holder Spent Output Profit Ratio (STH-SOPR) is currently testing the breakeven level of 1.0, according to data from Glassnode. This indicator suggests a potential shift in the overall market momentum. Historically, breaking above 1.0 confirms a shift in momentum, while failure to do so often leads to renewed sell pressure. The last attempt in early January was successful but short-lived.

Strategy Buys Another 20k BTC with $2 Billion, Achieves 6.9% in Bitcoin Yield

Strategy (formerly MicroStrategy), a leading business intelligence platform, has acquired an additional 20,356 BTC for approximately $1.99 billion at an average price of $97,514 per bitcoin. This brings their total Bitcoin holdings to 499,096 BTC, acquired for a total of $33.1 billion. The company has achieved a year-to-date Bitcoin yield of 6.9%. The latest acquisition was announced by CEO Michael Saylor on his official social media account.

Bitcoin Falls, Crypto Fear and Greed Index Drops Significantly

The crypto fear and greed index fell 24 points in a day to 25, signaling extreme fear. Bitcoin [BTC] shed 4.89% on February 24th, and the total crypto market capitalization was down by 6.65% in 24 hours. The realized losses metric showed Bitcoin investors were not rushing to exit the market, unlike in late 2022. Bitcoin ETF outflows and losses in the S&P 500 could help explain the swift shift in sentiment. Citadel Securities is looking to become a liquidity provider for cryptocurrencies.

Bitcoin Dips to $90K Amid Economic Uncertainty

Bitcoin (BTC) dropped below $90,000 due to economic uncertainty and geopolitical tensions. The decline was triggered by former US President Donald Trump’s announcement of 25% tariffs on Canada and Mexico, sparking concerns about economic stability and prompting a selloff in the crypto market. Bitcoin fell to an intraday low of $86,300, reflecting increased volatility. The broader crypto market lost $230 billion, with $508 million flowing out of crypto funds, highlighting growing skepticism among investors.

Bitcoin breaks down after weeks of consolidation

BTC/USD falls below 90k to a 3-month low. The selloff triggers $1.33 billion in long liquidations. Renewed global trade tensions, specifically President Trump`s reaffirmation of tariffs on Mexico and Canada, have prompted risk-off trade. Additionally, a hack at Bybit, a major cryptocurrency exchange, has unnerved investors, contributing to the sell-off.