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Recently, Bitcoin experienced a strong price suppression, resulting in over $96 million USD being liquidated from short positions. The price has recovered, but according to on-chain data, the market still shows many signs of instability. I noticed that the SOPR index with a 7-day exponential moving average indicates that investor sentiment is still quite weak, and there is no strong confidence returning.
For the market to truly return to an upward trend, capital from whales needs to flow into the market. Additionally, the SOPR index of short-term holders must also surpass the 1 threshold before we can say the market is turning positive. Currently, we still need to wait and see.