Bitcoin NUPL Indicator Remains Above Zero at 0.215, Historical Signal Shows All Four Previous Cycle Bottoms Required Below-Zero Level

BTC-1.55%
According to CryptoQuant analysis, Bitcoin's NUPL (Net Unrealized Profit/Loss) 100-day EMA currently sits at 0.215 as of today, with the 30-day moving average at 0.155. Historically, Bitcoin formed cycle bottoms every time the 100-day NUPL EMA fell below zero: late 2011 (near $2), January 2015 ($182), December 2018 ($3,206), and November 2022 ($15,792). The analyst noted that past NUPL declines have become progressively shallower (-0.58 in 2011, -0.22 in 2015, approximately -0.15 in 2019 and 2022), suggesting Bitcoin's market maturation. The current 100-day EMA has not yet breached zero, indicating a full cycle bottom may not yet be established, though further price corrections remain possible.
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