Bitcoin may recover in the short term, Bitfinex believes. This is indicated by the falling spend-on-profit ratio (SOPR) coupled with negative funding rates.
The SOPR for short-term Bitcoin holders reached 0.97 on July 7. They stopped selling at a loss, Bitfinex research suggests.
Bitfinex experts believe that the recovery of BTC value will be slow, and it is too early to expect a significant rally in the market:
“Historically, periods of negative funding rates coupled with low short-term SOPR values indicate that Bitcoin has reached a local bottom.”
Earlier, analyst Kevin Svenson shared a forecast about the first cryptocurrency reaching a new historical record and pointed out factors that could spur the growth of the asset’s quotes.
Source: Bits
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