Bitcoin's Demand Is Holding Strong — One On-Chain Level Could Decide What Comes Next

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Bitcoin’s current bid looks strong. Coins can move in profit without price rolling over. That’s the signal one key on-chain metric is sending right now.

What SOPR Above 1 Means

Glassnode’s SOPR chart tracks this metric in real time. Entity-adjusted SOPR strips out internal wallet shuffles.

Bitcoin's Demand Is Holding Strong — One On-Chain Level Could Decide What Comes Next — *Image Via Glassnode.*

It isolates real economic activity. A reading above 1 means coins are selling for more than they cost.

A Sharp Contrast to Earlier This Year

This wasn’t always the case. SOPR dropped below breakeven back in June, right as Bitcoin cracked key support. Bears held control then. Momentum readings slipped toward oversold.

That period looked nothing like today’s setup, where buyers are absorbing profit-taking instead of getting overwhelmed by it.

Price Reflects the Recovering Demand

BTC traded at $80,590.22 as of 12:48 UTC on September 20, 2026, up 4.4% over seven days, per CoinGecko.

The chart shows a steady climb from below $76,000 on September 16 to above $81,500 by September 19.

Price has held that range since, even as coins keep moving at a profit underneath it.

Adjusted SOPR spent nearly two weeks below 1.0 earlier this year, a stretch that coincided with roughly $12 billion leaving Bitcoin’s realized cap.

That episode shows how quickly the picture can flip once selling outpaces demand. The current setup looks like the opposite story so far.

What Comes Next

A sustained entity-adjusted SOPR above 1 is a hallmark of bull-market conditions. A break back below 1 would signal that this demand is fading.

Resistance now sits between $83,000 and $86,000, the next real test for this recovery.

Whether Bitcoin can push into that zone will likely come down to whether this SOPR streak holds or breaks in the coming weeks.

Disclaimer:
This article is for informational purposes only and does not constitute financial, investment, or trading advice. The views expressed are based on publicly available data, market observations, and the author’s interpretation at the time of writing. Cryptocurrency markets are highly volatile and unpredictable, and past performance or current technical setups do not guarantee future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. TechGaged does not accept liability for any losses incurred based on the information presented.

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