"Bitcoin's decline may change? A critical level is awaited."

In recent days, the fluctuations in the price of Bitcoin (BTC) have been increasing under pressure from short-term investors. This situation has created a critical threshold that will determine the direction of the price by affecting investors' interest in the market.

According to data shared by a CryptoQuant analyst, Bitcoin's Short-Term Holder Spent Profit Ratio (STH-SOPR) has decreased to 0.992. This ratio is noteworthy as it represents the lowest level seen since the end of April. STH-SOPR is an important indicator for measuring whether investors who have held Bitcoin for less than 155 days are making a profit or a loss. A ratio below 1 signals that this group is selling at a loss on average.

The CryptoQuant analyst points out that the current data indicates a panic selling among short-term investors. The fact that STH-SOPR remains below 1.0 shows that investors are moving within a loss-selling region, and this level may function as strong resistance in potential upward attempts. The analysis also emphasizes that any recovery in Bitcoin's price might face selling pressure from investors looking to offset their losses.

Additionally, historical data show that capitulation periods among short-term investors often coincide with market bottoms. The CryptoQuant analyst noted that this situation could lay the groundwork for a new upward trend through the exit of weaker hands from the market. It is stated that for Bitcoin to transition into a new upward trend, STH-SOPR needs to rise above the 1.0 level and remain there.

While the current situation signals weakness for Bitcoin in the short term, it is believed that the market is approaching the "maximum pain" point and could be on the verge of a potential bottom phase. It is important for investors to monitor these critical levels to understand market dynamics.