Bitcoin is below $74K and BLS announced new report dates. This week’s employment reports were delayed due to the partial government shutdown. Iran uncertainty continues as BTC continues to fall. While Jelle signals alarm for SOPR, investors in cryptocurrencies need to be much more careful.
SOPR Raises Alarm
Bitcoin price It escaped the tight gap, but cryptocurrency investors suffered billions of dollars in liquidations. To end the boring periods, BTC breaks out of the narrow range, but if this breakout is a downside break, it usually brings painful bottoms. If the 98 and 101 thousand dollars levels were broken, we would be targeting 120 thousand dollars. Today we see that there are analysts targeting $56k as their lower counterparts at $81k and $74k have been broken.
Pointing to sales at a loss, Jelle wrote:
“SOPR shows that people are starting to sell at a loss again. Small red swings usually occur at local bottoms, while longer, sustained red periods usually occur in bear markets. Watch out for deep red swings, these are often good buying opportunities.”
Beware of Cryptocurrencies
BLS postponed January NFP report to February 11. USA January CPI The report was postponed to February 13. The Supreme Court tariff decision is expected to come on February 20. So next week and the week after, we will see markets on edge. This means that until Sunday, Bitcoin and cryptocurrencies He says it cannot show a meaningful recovery (at least judging by the news flow).
Alright Is Bitcoin at the bottom? Price alone cannot say this, On-Chain Mind said, referring to past data.
“Long-term holders are the least responsive group. When this group suffers losses collectively, the bear market is usually close to exhaustion.
LTH Risk peaks:
- 2015: 95%
- 2019: 83%
- COVID collapse: 70%
- 2022: 85%
Above 55-60%, the process of reaching the bottom begins rapidly.
Today, we are around 37%. “If declining highs persist, a move above 70% would indicate that even the strongest hands are under real pressure, and this has historically been a prerequisite for a permanent bottom.”
This tells us that we have not yet reached the bottom. BTC may approach $56 thousand.
