{"id":534995,"date":"2023-05-25T17:00:40","date_gmt":"2023-05-25T17:00:40","guid":{"rendered":"https:\/\/wncen.com\/?p=534995"},"modified":"2024-06-11T08:31:12","modified_gmt":"2024-06-11T08:31:12","slug":"bitcoin-bearish-nupl-rejection-long-term-resistance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bearish-nupl-rejection-long-term-resistance\/","title":{"rendered":"Bitcoin Bearish Signal: NUPL Finds Rejection At Long-Term Resistance"},"content":{"rendered":"

On-chain data shows the Bitcoin Net Unrealized Profit and Loss (NUPL) has found rejection at the long-term resistance zone recently.<\/p>\n

Bitcoin NUPL Has Observed Some Decline In Recent Days<\/h2>\n

As explained by an analyst in a CryptoQuant post<\/a>, the BTC NUPL metric has failed to clear a major resistance. The “NUPL<\/a>” is an indicator that tells us about the degree of unrealized profit or loss that’s currently being held by the investors.<\/p>\n

By “unrealized,” what’s meant here is that the holders have accumulated profits\/losses (due to the price being more\/less than what they purchased the coins at), but they are yet to actually sell their BTC to set them in stone.<\/p>\n

When such investors who are holding unrealized profits\/losses do end up selling eventually, the profits\/losses they were previously holding are said to be “realized<\/a>.”<\/p>\n

When the value of the NUPL is greater than zero, it means the average investor is carrying a profit on their coins right now. On the other hand, the indicator being below this threshold suggests the market as a whole is sitting on some loss currently.<\/p>\n

The zero value of the metric itself naturally represents the break-even level, as the total amount of unrealized profits in the market equals the unrealized losses at this mark.<\/p>\n

Related Reading: Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin NUPL, as well as its 365-day moving average (MA), over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been going down in recent days | Source: CryptoQuant<\/a><\/pre>\n
In the above graph, the quant has marked the “long-term resistance” zone that the Bitcoin NUPL has seemed to have historically followed. This area, which lies in between the values of 0.31 and 0.38, has been an important retest for the cryptocurrency, as failure here has often meant the start of a drawdown.<\/p>\n
When coming from above, however, there have also been bullish retests of this zone, as the points marked by the green checkmarks in the chart display. A prominent example of such a successful retest was back in July 2021<\/a>, when BTC hit a local bottom and proceeded with the second half of the 2021 bull run following it.<\/p>\n
The example of a bearish resistance appears to have formed just recently, as the indicator entered the zone recently but has been rejected downwards. And with it, so has the asset’s price. It’s uncertain yet, but this rejection may have started an extended drawdown for the coin.<\/p>\n
“Given that the NUPL index has also formed a bearish Head & Shoulders (H&S) pattern, this could mean that Bitcoin could fall into the $24,000-$20,000 range,” notes the quant. “With the successful implementation of the H&S, the local uptrend of the NUPL index will also be broken.”<\/p>\n
Related Reading: Bitcoin Sell-Side Risk Ratio Nears All-Time Lows, Big Move Soon?<\/a><\/div>\n
The Bitcoin NUPL has also shown interesting interactions with its yearly MA in the past; the indicator has sometimes found resistance or support at this level as well.<\/p>\n
“The last frontier for maintaining Bitcoin bullishness is the 365-day MA, which acts as reliable long-term support,” says the quant. “For the above scenario to be declared invalid, it is necessary to overcome long-term resistance sustainably!”<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,300, down 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has plunged recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin Net Unrealized Profit and Loss (NUPL) has found rejection at the long-term resistance zone recently. Bitcoin NUPL Has Observed Some Decline In Recent Days As explained by an analyst in a CryptoQuant post, the BTC NUPL metric has failed to clear a major resistance. The “NUPL” is an indicator that tells us about the degree of unrealized profit or loss that’s currently being held by the investors. By “unrealized,” what’s meant here is that the holders have accumulated profits\/losses (due to the price being more\/less than what they purchased the coins at), but they are yet to actually sell their BTC to set them in stone. When such investors who are holding unrealized profits\/losses do end up selling eventually, the profits\/losses they were previously holding are said to be “realized.” When the value of the NUPL is greater than zero, it means the average investor is carrying a profit on their coins right now. On the other hand, the indicator being below this threshold suggests the market as a whole is sitting on some loss currently. The zero value of the metric itself naturally represents the break-even level, as the total amount of unrealized profits in the market equals the unrealized losses at this mark. Related Reading: Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level Now, here is a chart that shows the trend in the Bitcoin NUPL, as well as its 365-day moving average (MA), over the last few years: The value of the metric seems to have been going down in recent days | Source: CryptoQuant In the above graph, the quant has marked the “long-term resistance” zone that the Bitcoin NUPL has seemed to have historically followed. This area, which lies in between the values of 0.31 and 0.38, has been an important retest for the cryptocurrency, as failure here has often meant the start of a drawdown. When coming from above, however, there have also been bullish retests of this zone, as the points marked by the green checkmarks in the chart display. A prominent example of such a successful retest was back in July 2021, when BTC hit a local bottom and proceeded with the second half of the 2021 bull run following it. The example of a bearish resistance appears to have formed just recently, as the indicator entered the zone recently but has been rejected downwards. And with it, so has the asset’s price. It’s uncertain yet, but this rejection may have started an extended drawdown for the coin. “Given that the NUPL index has also formed a bearish Head & Shoulders (H&S) pattern, this could mean that Bitcoin could fall into the $24,000-$20,000 range,” notes the quant. “With the successful implementation of the H&S, the local uptrend of the NUPL index will also be broken.” Related Reading: Bitcoin Sell-Side Risk Ratio Nears All-Time Lows, Big Move Soon? The Bitcoin NUPL has also shown interesting interactions with its yearly MA in the past; the indicator has sometimes found resistance or support at this level as well. “The last frontier for maintaining Bitcoin bullishness is the 365-day MA, which acts as reliable long-term support,” says the quant. “For the above scenario to be declared invalid, it is necessary to overcome long-term resistance sustainably!” BTC Price At the time of writing, Bitcoin is trading around $26,300, down 2% in the last week. BTC has plunged recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":535020,"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":[428,84916,88334,717,1119,1144],"class_list":["post-534995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-nupl","tag-bitcoin-rejection","tag-bitcoin-resistance","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Bearish Signal: NUPL Finds Rejection At Long-Term Resistance<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin Net Unrealized Profit and Loss (NUPL) has found rejection at the long-term resistance zone recently.\" \/>\n<meta name=\"robots\" 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. 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 Bearish Signal: NUPL Finds Rejection At Long-Term Resistance","url":"http:\/\/wncen.com\/news\/bitcoin-bearish-nupl-rejection-long-term-resistance\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bearish-nupl-rejection-long-term-resistance\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1386847296-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1386847296-1.jpg?fit=2121%2C1414"},"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 nupl","bitcoin rejection","bitcoin resistance","btc","btcusd"],"dateCreated":"2023-05-25T17:00:40Z","datePublished":"2023-05-25T17:00:40Z","dateModified":"2024-06-11T08:31:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bearish Signal: NUPL Finds Rejection At Long-Term Resistance\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bearish-nupl-rejection-long-term-resistance\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bearish-nupl-rejection-long-term-resistance\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1386847296-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1386847296-1.jpg?fit=2121%2C1414\"},\"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 nupl\",\"bitcoin rejection\",\"bitcoin resistance\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-05-25T17:00:40Z\",\"datePublished\":\"2023-05-25T17:00:40Z\",\"dateModified\":\"2024-06-11T08:31:12Z\"}<\/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\/2023\/05\/iStock-1386847296-1.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/534995"}],"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=534995"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/534995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/535020"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=534995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=534995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=534995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}