{"id":265984,"date":"2024-03-16T11:25:41","date_gmt":"2024-03-16T05:55:41","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-sopr-data-shows-major-btc-price-consolidation-for-march-crypto-news\/"},"modified":"2024-03-16T11:25:46","modified_gmt":"2024-03-16T05:55:46","slug":"bitcoin-sopr-data-shows-major-btc-price-consolidation-for-march-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-sopr-data-shows-major-btc-price-consolidation-for-march-crypto-news\/","title":{"rendered":"Bitcoin SOPR Data Shows Major BTC Price Consolidation for March &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Bitcoin (BTC) price has managed to recoup some of its early week losses by surging to $70,000 on Friday, March 15. However, BTC continues to face rejection at $70,000 and has again retraced back to $68,717 as of press time.<\/p>\n<h3>Bitcoin To Enter Strong Consolidation<\/h3>\n<p>Renowned Bitcoin analyst Willy Woo offers insights into the current state of the cryptocurrency market, noting that Bitcoin\u2019s Spent Output Profit Ratio (SOPR) is peaking. This observation suggests that the remainder of March is likely to be characterized by consolidation around the last recorded all-time high.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.80 --><\/p>\n<p>Comparing historical trends, Woo points out that during similar periods in the past, significant \u201cbuy the dip\u201d opportunities have emerged. In Q4 2020, for instance, the dip presented a buying opportunity with a decline of 17%. In Q1 2017, amid higher volatility, the dip reached as low as 31%.<\/p>\n<figure id=\"attachment_186168\" aria-describedby=\"caption-attachment-186168\" style=\"width: 2262px\" class=\"wp-caption aligncenter\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-186168\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-SOPR.jpeg\" alt=\"\" width=\"2262\" height=\"2032\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-SOPR.jpeg 2262w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-SOPR-300x269.jpeg 300w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-SOPR-1224x1100.jpeg 1224w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-SOPR-768x690.jpeg 768w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-SOPR-1536x1380.jpeg 1536w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-SOPR-2048x1840.jpeg 2048w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-SOPR-150x135.jpeg 150w\" sizes=\"auto, (max-width: 2262px) 100vw, 2262px\"\/><\/noscript><figcaption id=\"caption-attachment-186168\" class=\"wp-caption-text\">Courtesy: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1768858478851105118\">Willy Woo<\/a><\/figcaption><\/figure>\n<p>As Bitcoin navigates this consolidation phase, market participants will closely monitor developments to capitalize on potential buying opportunities.<\/p>\n<h3>BTC Price Action Ahead<\/h3>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.80 --><\/p>\n<p>The Bitcoin price witnessed a solid rally with 55% gains so far in 2024 hitting a new all-time high. As the selling pressure on BTC grows, investors are confused as to what could be the right entry point for Bitcoin.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.80 --><\/p>\n<p>In a recent analysis, crypto analyst Michael van de Poppe highlights ongoing bearish signals for BTC, noting the presence of a valid bearish divergence. Van de Poppe underscores this observation with references to lower timeframes, lower highs, and a distinct rejection at the $70,500 level.<\/p>\n<p>According to Van de Poppe, these indicators point towards a corrective phase, with potential downside targets in the range of $57,000 to $61,000. Additionally, he suggests that Bitcoin may have reached its peak prior to the upcoming halving event.<\/p>\n<figure id=\"attachment_186171\" aria-describedby=\"caption-attachment-186171\" style=\"width: 2274px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-186171\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"\" width=\"2274\" height=\"1186\" data-lazy-srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action.jpeg 2274w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-300x156.jpeg 300w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-1224x638.jpeg 1224w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-768x401.jpeg 768w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-1536x801.jpeg 1536w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-2048x1068.jpeg 2048w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-150x78.jpeg 150w\" data-lazy-sizes=\"(max-width: 2274px) 100vw, 2274px\" data-lazy-src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action.jpeg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-186171\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action.jpeg\" alt=\"\" width=\"2274\" height=\"1186\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action.jpeg 2274w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-300x156.jpeg 300w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-1224x638.jpeg 1224w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-768x401.jpeg 768w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-1536x801.jpeg 1536w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-2048x1068.jpeg 2048w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/Bitcoin-price-action-150x78.jpeg 150w\" sizes=\"auto, (max-width: 2274px) 100vw, 2274px\"\/><\/noscript><figcaption id=\"caption-attachment-186171\" class=\"wp-caption-text\">Courtesy: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1768737010087231899\">Willy Woo<\/a><\/figcaption><\/figure>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.80 --><\/p>\n<p>During a recent CNBC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=YC6udgG6d08\">interview<\/a>, Galaxy Digital founder Mike Novogratz cautioned that Bitcoin\u2019s ongoing upward trend might reverse if outflows from spot market Bitcoin exchange-traded funds (ETFs) surpass inflows. As CoinGape reported, the inflows into <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/bitcoin-etf-inflow-drops-80-to-133m-btc-price-retreats\/\">Bitcoin ETFs<\/a> have slowed during the recent BTC price correction.<\/p>\n<p>Nonetheless, Novogratz expressed optimism regarding Bitcoin\u2019s base price, estimating it to range between $50,000 and $55,000, barring any unforeseen significant events.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.80 --><\/p>\n<div class=\"m-on mobiless\">\n<div id=\"social-section-new\">\n<p>\u2713 Share:<\/p>\n<p>                                  <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new wp_new\" href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/coingape.com\/bitcoin-sopr-data-shows-major-btc-price-consolidation-for-march\/\" style=\"display: block\">  <i class=\"fa fa-whatsapp\"\/><\/a><\/p>\n<div>\n                                <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new tw_new_logo\" href=\"https:\/\/twitter.com\/intent\/tweet?text=https:\/\/coingape.com\/bitcoin-sopr-data-shows-major-btc-price-consolidation-for-march\/\"><br \/>\n  <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\" class=\"mb-1\" alt=\"coingape\" width=\"30\" height=\"30\"\/><br \/>\n<\/a>\n                                <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>          <!-- \n\n<div class=\"m-on pl-2 pr-2\">\n            \n\n<div class=\"row\">\n            \n\n<div class=\"col-6 pr-2\">\n         \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-7-crypto-marketing-firms-of-the-year\/?utm_source=abovesidebartabnews&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/15175104\/top_crypto_marketing_agencies.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n\n\n            <\/a>\n          \n            <\/div>\n\n\n            <\/div>\n\n\n                  \n\n<div class=\"col-6 pl-2\">\n                 \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-10-web-3-games-to-explore-in-2023-here-list\/?utm_source=priceanalysisbar&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/23134356\/jpg_20221223_134223_0000.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n\n\n            <\/a>\n          \n            <\/div>\n\n\n            <\/div>\n\n\n                <\/div>\n\n\n        <\/div>\n\n                    --><\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA186162\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD186162\">\n<p>  The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p><!-- \n\n<div class=\"container p-1 mb-3  mt-4 \">\n    \n    \n     \n\n<div class=\"Maintitle clgrn border-0\">\n               <span>Crypto Stories<\/span>\n                    \n                    \n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/\" class=\"viewAll p-0\">View all<\/a>\n                <\/div>\n\n\n     \n\n<div class=\"row mobileXS \">\n                     \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/expert-tips-for-bitcoin-halving-this-april-2024\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/cropped-image-44.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Expert Tips for Bitcoin halving this April 2024\" decoding=\"async\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/cropped-image-44.jpg 640w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/cropped-image-44-225x300.jpg 225w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/cropped-image-44-150x200.jpg 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/div>\n\n\n                \n\n<div class=\"Educontent\">Expert Tips for Bitcoin halving this April 2024 <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n              \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/7-key-factors-behind-bitcoins-recent-sharp-pullback\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-Bitcoin-ETF-Grayscale-1.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"7 Key Factors Behind Bitcoin's Recent Sharp Pullback\" decoding=\"async\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-Bitcoin-ETF-Grayscale-1.png 640w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-Bitcoin-ETF-Grayscale-1-225x300.png 225w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-Bitcoin-ETF-Grayscale-1-150x200.png 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/div>\n\n\n                \n\n<div class=\"Educontent\">7 Key Factors Behind Bitcoin\u2019s Recent Sharp Pullback <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n              \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/how-to-use-microsofts-free-copilot-gpt-4-model\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/cropped-hand-holding-phone-with-copilot-1.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"How to Use Microsoft's Free Copilot GPT-4 Model\" decoding=\"async\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/cropped-hand-holding-phone-with-copilot-1.jpg 640w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/cropped-hand-holding-phone-with-copilot-1-225x300.jpg 225w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/03\/cropped-hand-holding-phone-with-copilot-1-150x200.jpg 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/div>\n\n\n                \n\n<div class=\"Educontent\">How to Use Microsoft\u2019s Free Copilot GPT-4 Model <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n     \n                              \n          <\/div>\n\n\n    \n          \n \n    \n            \n    <\/div>\n\n        --><\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin (BTC) price has managed to recoup some of its early week losses by surging to $70,000 on Friday, March 15. However, BTC continues to face rejection at $70,000 and has again retraced back to $68,717 as of press time. Bitcoin To Enter Strong Consolidation Renowned Bitcoin analyst Willy Woo offers insights into the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":260707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-265984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/265984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=265984"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/265984\/revisions"}],"predecessor-version":[{"id":265985,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/265984\/revisions\/265985"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/260707"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=265984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=265984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=265984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}