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Bitcoin has moved out of its bottom range and begun a broader upward rally, according to crypto analyst CW8900.
CW8900 said BTC’s spent output profit ratio, or SOPR, for long-term holders is rising while remaining above one, signaling the market is shifting from a bearish phase to a neutral one. In past cycles, market tops emerged when long-term holder SOPR rose above six, CW8900 said. The analyst added the current cycle’s peak is likely to form when the indicator breaks above six and profit-taking begins in earnest.