Bitcoin’s price has experienced a significant rebound from its low on September 15, jumping from $74,965 to $81,502, reflecting a 9.15% recovery. However, on-chain data indicates that it is primarily short-term holders, rather than long-term holders, who are capitalizing on these gains.
Bitcoin Price Rebound Brings Short-Term Profit-Taking
The SOPR Ratio, which compares long-term holder SOPR with short-term holder SOPR, currently stands at 0.88. This suggests that short-term holders are realizing more profits compared to long-term holders.
Essentially, newer participants are the ones actively trading Bitcoin, while long-term holders are relatively inactive.
This distinction is crucial, as a rising Bitcoin price alongside minimal movement from long-term holders does not indicate widespread profit-taking from the older supply base based on the available data.
aSOPR Shows Profits Are Still Being Realized
The SOPR Ratio alone does not provide the full picture. It only compares profit realization between long-term and short-term holders.
This is where Adjusted SOPR, or aSOPR, comes into play. The current reading of 1.02 indicates that Bitcoin holders are still profiting overall.
Considering both metrics together, it is evident that some profit-taking is occurring during the rebound, but there is no sign of aggressive selling based on the data provided.
At present, short-term holders are taking profits while long-term holders remain relatively passive.
BTC Now Faces May High Near $82,322
The next challenge on the chart is for Bitcoin’s price to surpass the May 2026 high of $82,322 following its recent peak at $81,502.
This level serves as immediate resistance in the technical setup provided. If Bitcoin successfully crosses $82,322, the next target could be $90,000.
However, a rejection could alter the scenario swiftly, potentially leading Bitcoin’s price to revisit support levels at $76,350 and $73,280.
Therefore, the focus is not only on profit-taking but also on whether short-term selling pressure can impede Bitcoin’s price momentum before it surpasses $82,322.
