Bitcoin’s Short-Term SOPR Shows Scope of Further Expansion, Is $60,000 Coming Soon?

Bitcoin (BTC) price movement is showing great strength surging nearly 4% today. At press time, Bitcoin is trading at a price of $56,222 with a market cap of $1.044 trillion.  Bitcoin on-chain indicators have turned favorable suggesting that Bitcoin has still scope of expansion hinting a move to its new all-time high above $60,000.

Popular crypto trader Whalemap notes that whale SOPR suggests room for expansion. It adds that if BTC manages to confidently consolidate between $55k-$58k levels. It should open doors for new price discovery. Meaning it’s all set to hit its new all-time high.

Whale SOPR on the daily still has room for expansion. Confidently consolidating over $55k-$58k should open up the door for price discovery. pic.twitter.com/i4JyoMnLWV

— whalemap (@whale_map) March 10, 2021

The Whale SOPR shows if addresses above 1,000 BTC are profiting or losing value on the Bitcoins that they are sending.

Adding to further bullishness, crypto analysts Joseph Young states:

“Bullish on Bitcoin. Short-term SOPR indicates the level of unrealized profit in the market. It is almost at zero for the first time since it printed a local bottom back in late February.Reset, back up”.

Despite the jitters pertaining to bond yield and stock market correction, Bitcoin has shows strength in recent times. The world’s largest crypto is confidently surging ahead and looking to break its all-time high of $58,350 attained last month in February.

U.S. Stimulus Checks Playing a Big Role In Bitcoin Rally

As per Bloomberg, rising institutional interest and the latest stimulus approval by the U.S. government will flush fresh liquidity in the crypto space. As a result, the overall optimism remains high.

In a note to investors, Chris Weston, head of research at Pepperstone Group stated: “It wouldn’t shock to see the price make an assault on the February high of $58,350”.

Speaking on similar lines, Annabelle Huang of crypto financial-services firm Amber Group, said:

Bitcoin’s surge this week comes amid “the U.S. passed the stimulus bill, and on the back of MicroStrategy and Meitu purchasing Bitcoin. “We have seen an increase in interest levels from institutional players globally. In China, a lot of high net worth individuals have been inquiring on how to add Bitcoin to their portfolio.”

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