After renewed selling on Dec. 5, Bitcoin spent the weekend trading beneath the psychological $90,000 mark, but on-chain metrics suggest the market may be consolidating and preparing for a recovery. CryptoOnchain posted on X that the Spent Output Profit Ratio (SOPR) — which shows whether spent outputs are being sold at a profit (SOPR > 1) or a loss (SOPR < 1) — has dropped to 1.35, its lowest reading since early 2024. That decline has been described as a “complete reset” in market profitability as BTC slipped below $90,000. The drop in SOPR points to fading profit-taking by long-term holders and rising signs of bear exhaustion. Historically, similarly low SOPR readings have coincided with local market bottoms, implying the current cooldown could set the stage for a rebound. At the time of writing, Bitcoin trades near $89,500, roughly flat over 24 hours, about 2% lower over seven days, and around 5% down year-to-date. BTC remains roughly 30% below its all-time high of $126,080, leaving the cryptocurrency on course to finish 2025 in negative territory unless momentum turns. If selling pressure eases further and SOPR stabilizes, a bounce from here could form the basis for Bitcoin’s next sustainable upward move.
