Methods of analysis
Bitcoin has been trading sideways lately, so we'll see what short-term investors do.
Short-Term Investor (STH) Definition: All Bitcoin moving on the chain with a life of more than one hour and less than 155 days with a realized gain or loss.
The black line is the standard level, i.e. "1". Higher than the standard level means STH is gaining; lower than the standard level means STH is losing.
Current Phenomena
Short-term investors have been in a loss-and-release situation.
Apart from the uncertainties in the short to medium term market, analyzing the record high leverage ratio, it can be deduced that there are a lot of people in the market who have access to highly leveraged products at the same time, which makes the market more volatile and unhealthy for the currency market as a whole.
Currently the SOPR is at 0.995. If it can rise above the standard level and stay above it, a short-term Bullish trend is possible.
However, due to the uncertainty of the overall economy recently, coupled with the recent negative news in the currency market, such as the stabilized currency incident, not many investors are still keeping a close distance from the train. Therefore, it is best to stay neutral in the short term, and not to be too critical of Bullish because of data or chart analysis.