Bitcoin price retests $29,300: consider this key metric

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  • Bitcoin price broke above $29k while testing the $29,300 area.
  • On-chain data shows that BTC holders are increasingly betting on the asset.
  • A macro sentiment indicator suggests that bitcoin price is ready for a parabolic move.

Bitcoin BTC rallied again above $29,300, rising more than 4% on Monday, with data showing gains among a growing number of holders.

The coming week is expected to be a big one for the market in terms of the release of economic data. But even as the broader market awaits the US Consumer Price Index report, sentiment They say Most traders in the bitcoin market are viewing the asset as a long-term bet.

This is a trend that could bring in a new upside momentum for the bulls.

Bitcoin price indicator in focus – ASOPR

According to bitcoin analyst Ali on Twitter, BTC is poised for a parabolic ride judging from the outlook of one of the macro market sentiment indicators for bitcoin.

in a price forecast that shared As BTC entered a tight range around $28k this past weekend, analysts pointed to the Adjusted Expense Output Profit Ratio (aSOPR). Potential movement is still in store for bitcoin as it heads above $29k again on Monday.

,Another Bitcoin Indicator Shows Explosive Growth! Historically, aSORP (90d) below 1 indicates a bear market, and above 1 indicates a bull market. In 2015, 2019 and 2020, it posted gains of 6,110%, 150% and 579%. aSORP recently moved above 1, indicating $BTC is ready to go parabolicsaid the analyst.

BTC/USD is currently trading near $29,200 and the bulls are looking to close the stubborn supply zone at $30k with a major breakout performance.

If not, the consolidation seen over the past several weeks and a possible drop below the range are likely.

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