The price of Bitcoin (BTC) has recently been hovering around $98,000. Although it has not yet broken through the $100,000 mark, has the market turned around after a long period of downturn? According to the latest on-chain data, short-term sellers are gradually retreating, which provides a positive signal for the potential recovery of Bitcoin prices.
As short-term sellers retreat, will Bitcoin have a chance to recover?
Bitcoin prices have fallen 6% over the past month and are 10% below their all-time high of $109,000. While overall market sentiment is low, analysts are seeing a weakening of selling pressure from short-term holders, which could be a sign that the market is beginning to recover.
STH SOPR: The 'fear sentiment' of short-term holders is fading
Recently, analysts have pointed out that the short-term holders' spent output profit ratio (STH SOPR) indicator shows significant trends. This indicator measures whether short-term holders (holding tokens for less than 155 days) are selling at a profit or a loss. If the indicator is above 1.00, it indicates that short-term holders are taking profits, while below 1.00 suggests loss sales.
Data shows that since the beginning of 2025, STH SOPR has exhibited loss sales during three significant adjustment periods. For example, when the price of Bitcoin dropped from $104,000 to $92,000, STH SOPR fell to 0.987. Nevertheless, when the current Bitcoin price fluctuates between $94,000 and $97,000, STH SOPR has risen to 0.998, approaching neutral. This means that the selling pressure from short-term holders' losses is dissipating.
The shift in market sentiment: Prelude to a rebound?
This change indicates that the early 'fear-driven' selling is gradually fading, and short-term holders are no longer selling at significant losses, but rather waiting for clearer market signals. This is a positive signal for the overall market sentiment, as short-term holders often influence the overall market trend. When they start to profit, it often motivates more new investors to enter the market, further driving up the price of Bitcoin.
Is the prospect of market recovery approaching?
Although it is currently uncertain what the specific trend of the next market round will be, the changes in STH SOPR indicate that the selling pressure in the short term has significantly weakened. If positive sentiment continues to heat up, Bitcoin is likely to迎来 the next wave of increase, and may even break through $100,000, moving towards higher price ranges.
