{"id":478863,"date":"2021-12-14T19:00:59","date_gmt":"2021-12-14T19:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=478863"},"modified":"2024-06-11T07:48:23","modified_gmt":"2024-06-11T07:48:23","slug":"bitcoin-nupl-says-market-stands-at-key-junction-between-bull-and-bear-trends","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-nupl-says-market-stands-at-key-junction-between-bull-and-bear-trends\/","title":{"rendered":"Bitcoin NUPL Says Market Stands At Key Junction Between Bull And Bear Trends"},"content":{"rendered":"

The Bitcoin NUPL indicator shows the market is currently testing a key support level that may be a junction between bullish and bearish trends.<\/p>\n

Bitcoin NUPL Shows Market Currently Stands At Key Support Level<\/h2>\n

As per the latest weekly report from Glassnode<\/a>, the NUPL shows that the market has entered a key zone that can decide whether the following trend will be bullish<\/a> or bearish.<\/p>\n

The Net Unrealized Profit\/Loss (NUPL) is an on-chain indicator that measures the difference between the unrealized profit and loss to check whether the market as a whole is currently in a state of profit or loss.<\/p>\n

The metric measures this by looking at what price each coin on the chain was bought at, and comparing it with the current price.<\/p>\n

When the value of the indicator is below zero, it means the overall Bitcoin network is in a state of profit at the moment.<\/p>\n

On the other hand, when NUPL assumes values above zero, then the market is, on an average, having unrealized gains.<\/p>\n

Related Reading |\u00a0Weekend Volatility Awakens Bitcoin Buyers, Active Addresses<\/a><\/strong><\/em><\/p>\n

Now, here is a chart that shows how the value of this Bitcoin indicator has changed over the past year:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the overall market is currently in a state of profit | Source: The Glassnode Week Onchain (Week 50)<\/a><\/pre>\n
As you can see in the above graph, there is a highlighted zone around the NUPL value of 0.5. At this value, 50% of the Bitcoin market cap is in the form of unrealized gains.<\/p>\n
Related Reading |\u00a0Goldman Sachs CEO Sidesteps Bitcoin Inquiries, Says Blockchain Is More Important<\/a><\/strong><\/em><\/p>\n
The report describes this zone as a historical battleground between the bulls and the bears. During periods of bearish trend, this zone usually provides resistance, while in times of bullish sentiment, the zone would act as support.<\/p>\n
Now as the chart shows, the indicator seems to be touching this zone again. This type of retest has already happened a few times in the past few months, and the bulls stood strong during those.<\/p>\n
Back during the May crash<\/a>, however, the support didn’t last and the indicator shot below the zone. Afterwards each touch of the zone sent the price back down.<\/p>\n
It’s possible that the market might hold support here as well just like the last few retests. But it’s not set in stone; any transition down here could be bad for the coin’s price, just like how it was in May.<\/p>\n
BTC’s Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $46.9k, down 8% in the last seven days. The below chart shows the trend in the price of BTC over the last five days.<\/p>\n
\"Bitcoin<\/p>\n
BTC's price once again plunges down | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin NUPL indicator shows the market is currently testing a key support level that may be a junction between bullish and bearish trends. Bitcoin NUPL Shows Market Currently Stands At Key Support Level As per the latest weekly report from Glassnode, the NUPL shows that the market has entered a key zone that can decide whether the following trend will be bullish or bearish. The Net Unrealized Profit\/Loss (NUPL) is an on-chain indicator that measures the difference between the unrealized profit and loss to check whether the market as a whole is currently in a state of profit or loss. The metric measures this by looking at what price each coin on the chain was bought at, and comparing it with the current price. When the value of the indicator is below zero, it means the overall Bitcoin network is in a state of profit at the moment. On the other hand, when NUPL assumes values above zero, then the market is, on an average, having unrealized gains. Related Reading |\u00a0Weekend Volatility Awakens Bitcoin Buyers, Active Addresses Now, here is a chart that shows how the value of this Bitcoin indicator has changed over the past year: Looks like the overall market is currently in a state of profit | Source: The Glassnode Week Onchain (Week 50) As you can see in the above graph, there is a highlighted zone around the NUPL value of 0.5. At this value, 50% of the Bitcoin market cap is in the form of unrealized gains. Related Reading |\u00a0Goldman Sachs CEO Sidesteps Bitcoin Inquiries, Says Blockchain Is More Important The report describes this zone as a historical battleground between the bulls and the bears. During periods of bearish trend, this zone usually provides resistance, while in times of bullish sentiment, the zone would act as support. Now as the chart shows, the indicator seems to be touching this zone again. This type of retest has already happened a few times in the past few months, and the bulls stood strong during those. Back during the May crash, however, the support didn’t last and the indicator shot below the zone. Afterwards each touch of the zone sent the price back down. It’s possible that the market might hold support here as well just like the last few retests. But it’s not set in stone; any transition down here could be bad for the coin’s price, just like how it was in May. BTC’s Price At the time of writing, Bitcoin’s price floats around $46.9k, down 8% in the last seven days. The below chart shows the trend in the price of BTC over the last five days. BTC’s price once again plunges down | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":478865,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,13790,11614,84916,1119,1144],"class_list":["post-478863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bear","tag-bitcoin-bull","tag-bitcoin-nupl","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin NUPL Says Market Stands At Key Junction Between Bull And Bear Trends<\/title>\n<meta name=\"description\" content=\"The Bitcoin NUPL indicator shows the market is currently testing a key support level that may be a junction between bullish and bearish trends. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin NUPL Says Market Stands At Key Junction Between Bull And Bear Trends","url":"http:\/\/wncen.com\/news\/bitcoin-nupl-says-market-stands-at-key-junction-between-bull-and-bear-trends\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-nupl-says-market-stands-at-key-junction-between-bull-and-bear-trends\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/executium-YVIx1Hj8EqU-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/executium-YVIx1Hj8EqU-unsplash-1-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bear","bitcoin bull","bitcoin nupl","btc","btcusd"],"dateCreated":"2021-12-14T19:00:59Z","datePublished":"2021-12-14T19:00:59Z","dateModified":"2024-06-11T07:48:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin NUPL Says Market Stands At Key Junction Between Bull And Bear Trends\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-nupl-says-market-stands-at-key-junction-between-bull-and-bear-trends\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-nupl-says-market-stands-at-key-junction-between-bull-and-bear-trends\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/executium-YVIx1Hj8EqU-unsplash-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/executium-YVIx1Hj8EqU-unsplash-1-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bear\",\"bitcoin bull\",\"bitcoin nupl\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-12-14T19:00:59Z\",\"datePublished\":\"2021-12-14T19:00:59Z\",\"dateModified\":\"2024-06-11T07:48:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/executium-YVIx1Hj8EqU-unsplash-1-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/478863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=478863"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/478863\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/478865"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=478863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=478863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=478863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}