Bitcoin has rebounded above $99,000, reversing its significant dip from earlier this week. Analysts attribute this quick recovery to recent US Consumer Price Index (CPI) reports. Analysts monitored the Short-Term Spent Output Profit Ratio (SOPR) metric, observing patterns that occur during correction phases which may indicate potential rebound opportunities.
According to Crypto Dan, a CryptoQuant contributor, the SOPR metric oscillates between red and green zones, signaling profit-taking and reduced selling pressure, setting the stage for possible rebounds. Dan suggests that Bitcoin could resume an upward trend by the first quarter of 2025, though warns of short-term volatility risks.
Bitcoin has gained 2.7% in the past day, trading at $99,494. This increase aligns with positive BTC network metrics and the US CPI's latest update, which showed a 0.4% rise in December, resulting in the US Dollar's decline while other financial assets, including Bitcoin, saw an uptick.
Sursă: www.newsbtc.com ↗