Bitcoin experienced a significant price correction, declining from above $100,000 to below $80,000. Recent signs indicate a local bottom could be forming between $76K-$77K, sparking debate among traders about the market's trajectory. Key indicators like the Net Unrealized Profit and Loss (NUPL) and Value Days Destroyed (VDD) suggest an improving market sentiment and commitment from long-term holders. Additionally, the bullish crossover of the Hash Ribbons Indicator reflects potential trend reversals, pointing towards a possible bullish phase for Bitcoin if current patterns persist.
"The Net Unrealized Profit and Loss (NUPL) is one of the most reliable sentiment gauges across Bitcoin cycles... NUPL has now reclaimed the 'Belief' zone, a critical sentiment transition..."
"The Value Days Destroyed (VDD) Multiple weighs BTC spending by both coin age and transaction size... Current readings have reset to low levels, suggesting that large, aged coins are not being moved."
"After profit-taking above $100K, long-term participants are now re-accumulating at lower levels. Historically, these phases of accumulation have set the foundation for supply squeezes..."
"The Hash Ribbons Indicator has just completed a bullish crossover... This signal has historically aligned with bottoms and trend reversals."
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