Bitcoin Rally Observed, Potential Resistance at $84K
- Bitcoin (BTC) recently surged to $78,000, marking a recovery of over 26% from its February low of below $60,000.
- The Spent Output Profit Ratio (SOPR) reached an eight-month high of 2.87, indicating increased profitability among investors.
- Bitcoin’s Net Unrealized Profit/Loss (NUPL) turned positive for the first time since January, suggesting an end to the downtrend.
- Approximately 1.1 million BTC is held at an average cost of $84,000, creating a potential sell-off zone if prices reach this level.
- Immediate resistance is noted at $78,000 with the next key hurdle being the US spot Bitcoin ETF cost basis at $83,100.
Market analysts suggest that while Bitcoin’s recent rally indicates an uptrend has begun, significant resistance exists around the $84,000 mark due to investor cost basis concentrations and historical price behavior.
With Bitcoin’s SOPR hitting a high of 2.87 and NUPL turning positive, these metrics suggest a strong upward movement may be underway despite potential resistance at $84K.(Source)
