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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.
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%
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