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 | Weekend 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 Re...
