Bitcoin Recovery Faces Toughest Test Yet
Bitcoin's buying pressure has recovered sharply after hitting negative territory, but its sustainability remains unproven. According to CryptoQuant analysis, Bitcoin's 90-day Buy/Sell Pressure Delta has turned positive, indicating recovering demand, although not yet confirming a sustained uptrend.
A comparison with historical data shows that similar recoveries produced different outcomes, making continued buying pressure crucial for the recovery to hold.
Seven-day realized profits fell by 19% between the August and September peaks, despite higher Bitcoin prices. This suggests that holders are not in a hurry to sell their coins, potentially anticipating additional gains. However, this metric does not directly measure fresh capital entering the market.
To strengthen the recovery, buyers must sustain demand while maintaining a narrowing profit cushion for short-term holders. The indicator, known as STH SOPR (Spent Output Profit Ratio), has remained above 1 since August 20 but has contracted from 2.8% to 1% by September 28.