I am currently observing an interesting pattern in the Bitcoin aSOPR indicator on CryptoQuant — a divergence seems to be forming that should not be ignored. While the price has risen from $40,000 to over $100,000 since the beginning of 2024, the aSOPR is showing increasingly lower highs and lows. This suggests that investors are less convinced even as prices climb — a classic divergence.

The interesting part: about one-third of all Bitcoins are currently in loss. Historically, such a situation often leads to short-term recoveries. Bitcoin is currently testing the lower boundary of a descending channel — so it could be a tactical buying opportunity.

But caution: if this support level breaks, it could lead to a capitulation phase. The market is at a critical point; the next few days will be decisive.