Bitcoin Price May Face Correction Amid Elevated Long-Term Holder SOPR and Rising Whale-to-Exchange Ratio

Key Points

1. The Long-Term Holder SOPR (Spent Output Profit Ratio) has surged to 1.96, indicating significant profit-taking, which historically precedes market corrections.

2. The Whale-to-Exchange Ratio suggests whales may be increasing exchange deposits, often correlating with short-term price pullbacks.

3. Bitcoin's price is consolidating around $117,500, with critical support levels at $116,456 and $103,300, which could determine future price direction.

4. Historical data shows that spikes in Long-Term SOPR and Whale-to-Exchange Ratio have aligned with notable price declines, reinforcing their predictive value.

5. Traders should monitor these on-chain metrics alongside price action to anticipate potential market movements.