Bitcoin’s short-term holder SOPR has returned to the 1.00 mark, indicating the market is at a breakeven point. This suggests that recent BTC sales are happening near cost basis, which often slows momentum.
Analyst Axel Adler notes that a breakout above 1.002 is required to reignite upside pressure and sustain a bullish trend. The SOPR Binary Flag and 7‑day SMA remain flat, reinforcing the current market indecision.
Meanwhile, Bitcoin is consolidating around $114,000, reflecting a balance between buyer interest and profit‑taking activity. For now, momentum remains limited unless a consistent SOPR breakout occurs over several days.
At the same time, Binance is seeing renewed strength in spot market volumes, reversing its usual dominance by derivatives. Spot accumulation often indicates investor confidence and a more stable foundation for long‑term price growth.
Spot buying also shows a shift from short‑term speculation to real BTC ownership, strengthening market structure and supporting altcoin inflows. BNB, PUMP, and Alpine are leading altcoin spot volumes on Binance, further signalling risk‑on sentiment.
Chart Patterns and EMA Indicators Reflect Divided Market Views
Bitcoin recently confirmed a bullish continuation pattern on the 2‑hour chart, showing a classic Cup and Handle breakout. BTC held support at $111,700 and now trades near $114,800, targeting resistance up to $116,400.
This breakout signals positive momentum, and sustained action above the trendline may drive further upside. However, contrasting signals from macro charts introduce caution.
Analyst EGRAG CRYPTO highlights Bitcoin’s position relative to the 66‑week EMA, currently near $93,000. He suggests that BTC closing above this level historically marks bull cycle beginnings.
But once it closes below with minor deviations, it often signals the cycle’s end and potential bear market onset. The EMA now serves as a key structural reference for both short‑ and long‑term traders.
While spot activity and pattern breakouts support bullish continuation, the broader trend still hinges on SOPR strength and macro levels.