Morale High Among Bitcoin Hodlers in 2021 Regardless of Declines
Login

Morale High Among Bitcoin Hodlers in 2021 Regardless of Declines

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


A recent report by Glassnode shows that the morale among Bitcoin (BTC) Hodlers remained upbeat despite the recent significant market crash. The report showed that most Hodlers would not have sold even if Bitcoin experienced its worst price drop in history.

Based on a chart shared by the analytics firm, most people who bought Bitcoin in 2021 have not sold it yet. This unusual phenomenon could get explained by the SOPR (Spent Output Profit Ratio) metric.

Glassnode noted that the SOPR is calculated by dividing the selling price of the underlying asset by the paid price of the said asset. The company has a comprehensive article about the methodology behind obtaining the SOPR of an asset and its implications.

As a summary, Glassnode explains that new Bitcoiners never panic sold during the market correction, noting that: “60-Day SOPR (entity-adjusted) reset without falling below one. This indicates a high HODLing conviction from new investors, as coins that were bought in 2021 did not move at a loss during this last dip.”

Glassnode’s measuring tool could serve as a reliable new way to monitor market sentiment, which is heavily influenced by large institutions and whales with long-term bullish views.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — March 7
Bitcoin is back above the highly-coveted $50k level and is likely to continue its journey upwards. First, the benchmark cryptocurrency has to post a sustained break above the $51,400 pivot point.

On our 4-hour MACD, BTC is still in neutral conditions indicating that a parabolic bull run is possible once the price clears the $51,400 level.

Meanwhile, our key resistance levels are at $51,400, $52,500, and $54,000. While our key support levels are at $50,000, $48,500, and $47,500.

Total Market Capitalization: $1.56 trillion

Bitcoin Market Capitalization: $945 billion

Bitcoin Dominance: 60.5%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News