CryptoQuant analyst Axel AdlerJr wrote that Bitcoin's price has fallen below the average purchase price of short-term holders (i.e., the STH-SOPR (30D) shown in the chart has fallen to 0.98). Two on-chain indicators show increasing selling pressure from new market participants. The SOPR 30D indicator measures the average token sale by short-term holders: above 1 indicates a profitable sale, and below 1 indicates a loss-making sale. The chart shows that the 30-day SOPR moving average has fallen to the 0.98 area, meaning that short-term holders are selling tokens at a loss on average. Further declines in this indicator will exacerbate selling pressure and lead to new local lows. The current market exhibits strong risk aversion towards short-term positions. Key reversal confirmation signals: price rises above the actual STH price, and SOPR rises above 1.