Also, the RSI indicator is presently below 50 points and the long-term resistance trendline, indicating that the bears have regained control of the market.
The $42K support has turned to a critical resistance level in the lower timeframes after the price failed to break above it.
Based on what we see now in the market, the bears will probably succeed in pushing the price below the $39K level, but the channel’s bottom trendline and the mid-term support level at the $37K region will be a substantial barrier for Bitcoin.
The Spent Output Profit Ratio compares the value of outputs at the spent time to the generated time to determine the profit ratio of all market players.