So what is next ?

Evaluating the last week’s price action on the 4-hour timeframe, it is evident that the price was under a heavy downtrend and got rejected at the 100-MA several times.

Spent output profit ratio (SOPR) is a well-known on-chain metric that can map the “Capitulation” phase in a bear market.

The short-term holders have been selling or moving their coins after Bitcoin registered the recent November ATH at 69K. During the recent bloody days, short-term holders were panic-selling and realizing their losses. As you can see, the STH_SOPR metric has dropped to 0.95 during the last shakeout, which is a perfect explanation for the “Capitulation” event.