The SOPR index shows that long-term BTC holders want prices to go higher

The SOPR (Spent Output Profit Ratio) index for long-term Bitcoin investors (holding BTC over 155 days) is currently above 1, indicating they are selling Bitcoin at a profit without significant downward pressure on the price. This is in contrast to 2022, when SOPR fluctuated strongly as long-term investors continuously took profits, leading to selling pressure and deep price declines. The stability of SOPR above 1, since mid-2023 to date, indicates confidence in the market recovery and the possibility that long-term investors are waiting for prices to move higher before selling. However, despite the positive SOPR, Bitcoin price is currently still slightly decreasing, and some experts remain skeptical about the prospect of a strong Bitcoin price increase in the near future. Some analysts even say that long-term investors have started taking profits as the price falls below $93,000, and this could lead to further price declines.