The Net Unrealized Profit/Loss (NUPL) data for Bitcoin indicates that its market structure aligns with previous cycle tops. The NUPL metric has historically shown overvaluation levels before significant corrections. The NUPL has predicted euphoric phases in previous cycles, indicating that Bitcoin has room for further upside before a full market peak. The chart shows that BTC price rallies occur when NUPL enters overvaluation territory, with corrections preceding new highs. This suggests that Bitcoin is still in a growth trajectory and has not reached an overreached euphoric phase. The market cap and trading volume for Bitcoin are increasing, indicating solid selling power and investor interest. In the short term, Bitcoin's price action indicates a corrective phase followed by a breakout, with potential selling pressure around $98,208. Altcoins have historically followed Bitcoin's cycle, with significant rallies expected before Bitcoin reaches its primary resistance levels.



Other News from Today