Bitcoin on-chain indicators continue to signal bearish market conditions despite the cryptocurrency trading near $64,200 and approaching the $65,000-$66,000 liquidity zone. Three major metrics—adjusted spent output profit ratio (aSOPR), Puell Multiple, and Reserve Risk—remain below their neutral levels according to Ali Charts, indicating that market participants, miners, and long-term holders have not yet shifted into a clearly bullish position. The readings suggest the market remains in an accumulation phase, with capitulation dynamics still shaping price action even after recent rebounds.
Bitcoin On-Chain Indicators Remain Below Neutral Levels
Three major on-chain indicators continue to trade below their neutral levels according to Ali Charts. The chart tracks adjusted spent output profit ratio (aSOPR), Puell Multiple, and Reserve Risk, all of which remain below the zero line after being indexed against their neutral thresholds.
The aSOPR reading measures whether spent Bitcoin is moving at an average profit or loss. A sustained move above zero would suggest coins are again being sold at a profit. The Puell Multiple remains negative, pointing to weaker miner revenue compared with its longer-term average. The depressed Reserve Risk reading suggests confidence among long-term holders remains cautious despite Bitcoin trading near $64,200.
The indicators support the view that Bitcoin is moving through an accumulation phase rather than a confirmed bull market. A recovery in aSOPR, followed by breakouts in the Puell Multiple and Reserve Risk, would offer evidence that the broader trend is changing. However, these metrics do not provide an exact reversal date or guarantee that prices have reached a final bottom.
Bitcoin Liquidity Concentrates Near $65,000-$66,000 Zone
Bitcoin is moving toward the $65,000-$66,000 liquidity zone according to analysis from Kaz. The liquidity heatmap shows a concentrated cluster above price near $65,600, making it a short-term target area. Markets often move toward these areas because they contain stop orders and leveraged positions.
Larger liquidity pools remain below current price levels, particularly around $60,500-$61,500 and near $58,000. Kaz noted a date aligning with the CPI release and the middle of the month as a possible turning point. The analyst's chart identifies the $59,000-$61,000 region as a potential target area if Bitcoin fails to hold above $66,000.
The heatmap analysis indicates that a move above $66,000 followed by a failure to sustain that level could result in price action toward lower liquidity zones. A sustained breakout above $66,000 would weaken the reversal scenario and suggest buyers have absorbed the liquidity overhead.
FAQ
What are the three Bitcoin on-chain indicators currently below neutral levels?
According to Ali Charts, the three indicators trading below neutral levels are adjusted spent output profit ratio (aSOPR), Puell Multiple, and Reserve Risk. These metrics measure profitability of spent coins, miner revenue relative to historical averages, and long-term holder confidence respectively.
Where are the major Bitcoin liquidity zones located?
The liquidity heatmap shows a concentrated cluster near $65,600 above current price, with larger liquidity pools positioned below the market around $60,500-$61,500 and near $58,000. The $65,000-$66,000 zone represents an area where stop orders and leveraged positions are concentrated.
