Bitcoin‘s price action has been a rollercoaster ride in 2024, rising by over 50% to reach around $64,350 on June 23. However, this period of market growth has witnessed upside exhaustion near the elusive $70,000 mark. Since March, bulls have failed to clearly break out above the said resistance level, resulting in 20-25% price retreats on different occassions. However, Bitcoin’s popular on-chain metric, dubbed the Adjusted Spent Output Profit Ratio (aSOPR), indicates that the cryptocurrency might be gearing up for a significant breakout in the coming weeks. Let’s discuss it in detail.Bitcoin’s aSOPR Metric Hints At New Record High FormationsFor the unversed: aSOPR measures the profit ratio of spent outputs on the Bitcoin network. That said, when the aSOPR reading goes above 1, it means that traders are selling their holdings at a profit. Conversely, a value below 1 suggests that coins are being sold at a loss. 
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*Bitcoin price vs. aSOPR performance chart. Source: CryptoQuant*