- BTC’s Net Unrealized Profit and Loss metric confirmed the ongoing bullish rally.
- At its current price, BTC might be overvalued and might experience a pullback.
Bitcoin’s [BTC] Net Unrealized Profit and Loss (NUPL) has reached its Optimistic phase, indicating that the prevailing sentiment is more bullish, pseudonymous CryptoQuant analyst Gaah noted in a recent report.
Read BTC’s Price Prediction 2023-24
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 from CoinMarketCap showed.
With growing bullish sentiments, Gaah noted:
“The indicator is now approaching 0.5+ (Belief – Denial Phase [Orange]), a level that has historically indicated market tops.”
Source: CryptoQuant
The analyst added that euphoria might set in once the U.S. Securities and Exchange Commission (SEC) approves BTC spot exchange-traded funds (ETFs). “If this happens later this year, the price could hit its last historical high again,” Gaah opined.
The coin’s last historical high was $68,789.63, which was reached on 10 November 2021.
A retracement in sight?
At press time, the leading crypto exchanged hands at $34,063. Price movements assessed on a daily chart hinted at the possibility of a slight retracement in the coming days.
Firstly, the coin’s key momentum indicators were positioned at overbought highs at press time. Its Relative Strength Index (RSI) and Money Flow Index (MFI), 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.
Is your portfolio green? Check out the BTC Profit Calculator
Likewise, BTC’s price sat above the upper band of its Bollinger Bands indicator at press time.
When an asset’s price trades in this manner, it means that the asset is trading above its average price and that volatility is high. It often signals that the coin is overvalued and that a pullback is likely.
Source: BTC/USDT on TradingView
- BTC’s Net Unrealized Profit and Loss metric confirmed the ongoing bullish rally.
- At its current price, BTC might be overvalued and might experience a pullback.
Bitcoin’s [BTC] Net Unrealized Profit and Loss (NUPL) has reached its Optimistic phase, indicating that the prevailing sentiment is more bullish, pseudonymous CryptoQuant analyst Gaah noted in a recent report.
Read BTC’s Price Prediction 2023-24
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 from CoinMarketCap showed.
With growing bullish sentiments, Gaah noted:
“The indicator is now approaching 0.5+ (Belief – Denial Phase [Orange]), a level that has historically indicated market tops.”
Source: CryptoQuant
The analyst added that euphoria might set in once the U.S. Securities and Exchange Commission (SEC) approves BTC spot exchange-traded funds (ETFs). “If this happens later this year, the price could hit its last historical high again,” Gaah opined.
The coin’s last historical high was $68,789.63, which was reached on 10 November 2021.
A retracement in sight?
At press time, the leading crypto exchanged hands at $34,063. Price movements assessed on a daily chart hinted at the possibility of a slight retracement in the coming days.
Firstly, the coin’s key momentum indicators were positioned at overbought highs at press time. Its Relative Strength Index (RSI) and Money Flow Index (MFI), 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.
Is your portfolio green? Check out the BTC Profit Calculator
Likewise, BTC’s price sat above the upper band of its Bollinger Bands indicator at press time.
When an asset’s price trades in this manner, it means that the asset is trading above its average price and that volatility is high. It often signals that the coin is overvalued and that a pullback is likely.
Source: BTC/USDT on TradingView
can i purchase clomiphene without insurance buying generic clomiphene tablets how can i get cheap clomid without dr prescription order clomid pill how can i get cheap clomid price where to get clomid without prescription can you get clomid pills
The thoroughness in this draft is noteworthy.
Greetings! Extremely gainful suggestion within this article! It’s the scarcely changes which choice make the largest changes. Thanks a quantity towards sharing!
oral zithromax 500mg – ciplox buy online order metronidazole 400mg online
domperidone where to buy – sumycin 250mg sale flexeril 15mg oral
inderal 10mg canada – order plavix 75mg pill methotrexate pills
augmentin pills – at bio info acillin price
nexium 20mg usa – nexiumtous order esomeprazole online
order warfarin 5mg – anticoagulant buy losartan 25mg online
meloxicam 15mg drug – relieve pain purchase mobic for sale
prednisone sale – https://apreplson.com/ brand prednisone 20mg
buying ed pills online – ed pills gnc where to buy over the counter ed pills
buy amoxil without prescription – amoxil for sale online cheap amoxil
buy generic diflucan 100mg – https://gpdifluca.com/# order fluconazole without prescription
oral cenforce 50mg – https://cenforcers.com/ buy cenforce 50mg for sale
does cialis shrink the prostate – cialis strength cialis w/dapoxetine
cialis black 800 to buy in the uk one pill – https://strongtadafl.com/ buy cialis online usa
The vividness in this tune is exceptional. donde comprar fildena
This is the stripe of glad I enjoy reading. accutane pills buy online
The thoroughness in this section is noteworthy. https://ursxdol.com/augmentin-amoxiclav-pill/
Greetings! Jolly productive suggestion within this article! It’s the petty changes which will espy the largest changes. Thanks a a quantity in the direction of sharing! click
I am in truth thrilled to gleam at this blog posts which consists of tons of profitable facts, thanks for providing such data. https://aranitidine.com/fr/viagra-100mg-prix/
This is a keynote which is virtually to my callousness… Numberless thanks! Unerringly where can I lay one’s hands on the phone details an eye to questions? https://ondactone.com/simvastatin/
This is the tolerant of enter I recoup helpful.
https://doxycyclinege.com/pro/metoclopramide/
With thanks. Loads of erudition! http://goldankauf-engelskirchen.de/out.php?link=http://https://doselect.com/@decab16353abf074be022fa5f
More posts like this would force the blogosphere more useful. https://sportavesti.ru/forums/users/ovoix-2/
order forxiga generic – order forxiga 10mg online order generic forxiga 10mg
xenical pills – https://asacostat.com/ generic orlistat 60mg
More posts like this would make the online time more useful. http://www.kiripo.com/forum/member.php?action=profile&uid=1193134