**Market Analysis: STH SPOR Indicates Potential Bullish Turn for Bitcoin**

The Short-Term Holder Spent Profit Ratio (STH SPOR) serves as a crucial metric for understanding the behavior of recent investors who typically buy high and sell low. This indicator measures the profit or loss dynamics of these investors and provides insights into market sentiment.

Historically, market bottoms have formed within the STH SPOR range of 0.90 to 0.93, excluding anomalies like the Covid-19 pandemic. Currently, the STH SPOR reflects a pessimistic sentiment, with more losses expected for these investors.

However, this pessimism may be a precursor to a bullish turn. Previous cycles have shown that after reaching a bottom, the market often experiences a period of equilibrium followed by a recovery. Recent rapid sales and quick recoveries suggest that short-term holders have exhausted their Bitcoin, indicating a potential for upward movement.

In conclusion, while the STH SPOR shows current losses, the market's behavior suggests that the conditions are ripe for a bullish phase. The batteries are getting charged for the bulls.