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Bitcoin buying remains strong enough to absorb selling pressure, according to on-chain analytics firm Glassnode in a post on X.
Glassnode added BTC’s Entity-Adjusted SOPR, a key on-chain metric, has remained consistently above one, which it said is a typical feature of a bull market. At the same time, Glassnode said a drop back below one could signal weakening current buying demand. SOPR measures whether BTC moved on-chain was traded at a profit or a loss relative to its acquisition price. A reading above one means profit-taking is occurring on average.