Sitting above 1 at press time, Bitcoin’s Net Unrealized Profit and Loss metric confirmed the bullish state of the current market, with most coin holders holding at a profit.Net Unrealized Profit and Loss has reached its Optimistic phase, indicating that the prevailing sentiment is more bullish, pseudonymous CryptoQuant analyst Gaah noted in a recent
BTC’s NUPL metric functions as a good gauge of market sentiment as it measures the overall profitability of coin holders. When the NUPL value is above zero, it indicates that BTC holders are in profit. Conversely, a value below zero indicates that most holders are at a loss. At 0.399 at press time, the leading coin’s NUPL rallied above the zero line on 15 October, when BTC began its uptrend. Since then, the coin’s value has increased by 31%, data fromThe analyst added that euphoria might set in once the U.S. Securities and Exchange Commission approves BTC spot exchange-traded funds . “If this happens later this year, the price could hit its last historical high again,” Gaah opined.At press time, the leading crypto exchanged hands at $34,063.
Firstly, the coin’s key momentum indicators were positioned at overbought highs at press time. Its Relative Strength Index and Money Flow Index , which track the coin’s trading momentum, were 82.63 and 84.36, respectively, as of this writing. At these values, there is a high probability of a pullback or reversal in the near future. Moreso, an assessment of the Spent Output Profit Ratio for both short and long-term BTC holders revealed that both cohorts of investors currently hold at a profit. They might become incentivized to sell their holdings to cash in those profits. This might result in a price drawback.
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