据报道，比特币（BTC）市场显示出明显的迹象

比特币的支出利润率自12月以来一直保持其位置，显示出向牛市的潜在运动。

Bitcoin market seems to be displaying significant signs of an upcoming breakout. One key indicator, the Spent Output Profit Ratio (SOPR), has remained flat since December, indicating a potential move toward a bull market.

比特币市场似乎显示出即将出现的突破的重要迹象。自12月以来，一个关键指标（SPOR）一直保持平稳，表明潜在的朝牛市迈进。

Bitcoin Continues to Maintain LTH/STH SOPR Ratio

比特币继续保持LTH/STH SOPR比率

Since December, Bitcoin has maintained a specific level of Spent Output Profit Ratio among Long-Term Holders (LTHs). This metric indicates that both short-term holders (STHs) and LTHs are reportedly realizing profits at a similar rate. SOPR is a widely used blockchain analytic that determines whether BTC sellers are transferring at a loss or a profit. When the SOPR value rises above 1, it indicates that investors are selling assets at a profit. Conversely, a value below this level highlights selling at a loss.

自12月以来，比特币在长期持有人（LTHS）中维持了特定水平的支出利润率。该指标表明，据报道，短期持有人（STH）和LTH都以相似的速度实现了利润。 SOPR是一种广泛使用的区块链分析，它决定了BTC卖家是在损失还是利润转移。当Sopr值上升到1以上时，这表明投资者正在以利润出售资产。相反，低于此级别的价值突出显示出亏损的销售。

One crucial metric that aids in analyzing market cycles is the ratio of LTH SOPR to STH SOPR. Historically, a large bull market has commenced when this ratio increased past the 3 mark. In previous cycles, this threshold signaled the beginning of parabolic surges, as seen in 2020 and 2017.

一个有助于分析市场周期的关键指标是第LTH SOPR与STH SOPR的比率。从历史上看，当这个比率超过3分时，就开始了一个大型的牛市。在以前的周期中，该阈值表示抛物线涌动的开始，如2020年和2017年所示。

Such Developments Led to Massive Price Surges in the Past

这些发展导致了过去的巨大价格激增

Despite the top crypto’s price movements in recent months, the LTH/STH SOPR has had difficulty surpassing a level of 3. Since December, it has encountered resistance at this value. This pattern mirrors observations in December 2020 and April 2017. In past cycles, when the LTH/STH SOPR crossed above 3, Bitcoin experienced sharp upward trajectories.

尽管最近几个月的加密货币价格最高，但LTH/STH SOPR仍难以超过3个水平。自12月以来，它以这种价值遇到了阻力。这种模式反映了2020年12月和2017年4月的观察结果。

Trending Now: Coinbase Again Offers Bitcoin-Backed Loans in U.S.

现在趋势：Coinbase再次在美国提供比特币支持的贷款

Indicating Potential Precursor to a Large Bull Market

指示大型牛市的潜在前体

The precedent mentioned above suggests that the current period of consolidation may be setting the stage for a large bull run. Considering this, the current market scenario resembles accumulation periods ahead of a bull market, which could propel Bitcoin’s price to new all-time highs.

上面提到的先例表明，当前的合并时期可能是为大型牛市奠定基础。考虑到这一点，当前的市场情景类似于牛市之前的累积期，这可能会使比特币的价格达到新的高价。