{"id":546067,"date":"2023-08-07T21:00:41","date_gmt":"2023-08-07T21:00:41","guid":{"rendered":"https:\/\/uniquehot.com\/?p=546067"},"modified":"2024-06-11T08:08:39","modified_gmt":"2024-06-11T08:08:39","slug":"bitcoin-metrics-important-retests-bullish-trend-prevail","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-metrics-important-retests-bullish-trend-prevail\/","title":{"rendered":"These Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail?"},"content":{"rendered":"

On-chain data shows two Bitcoin indicators are currently retesting levels that have historically been relevant for the market’s course.<\/p>\n

Bitcoin NUPL For Both Short-Term & Mid-Term Holders Is Neutral Currently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the BTC NUPL has been retesting crucial levels recently. The “Net Unrealized Profit\/Loss<\/a>” (NUPL) is a metric that keeps track of the net amount of profit or loss that investors are holding currently.<\/p>\n

This indicator works by looking through the on-chain history of each coin in circulation to see what price it was last moved at. If this previous transfer price for any coin was less than the current spot price of Bitcoin, then that particular coin is holding a profit right now.<\/p>\n

The NUPL counts this profit that the coin is holding in the unrealized profit. Similarly, the loss that underwater coins are holding gets included in the unrealized loss. The metric then takes the difference between these two numbers to find the net profit\/loss status of the entire market.<\/p>\n

In the context of the current discussion, the entire market isn’t of interest, however, only specific sections of it are. In particular, two BTC cohorts called the “short-term holders<\/a>” (STHs) and the “mid-term holders” (MTHs) are of relevance.<\/p>\n

The STHs include all investors who bought their coins within the last six months, while the MTHs are those who have been holding their coins since at least six months ago and at most 2 years ago.<\/p>\n

First, here is a chart that shows the trend in the Bitcoin NUPL specifically for the STHs:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has approached zero recently | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin STH NUPL has been positive throughout this rally<\/a> that first started back in January of this year. Generally, this is the case in bullish trends, as the STHs are those who bought relatively recently, so any price rises immediately reflect on their profit\/loss status.<\/p>\n
What’s more significant, however, is the indicator’s relationship with the zero mark. At this line, the STHs as a whole are neutral, meaning that their unrealized losses equal their unrealized profits.<\/p>\n
Usually, whenever the metric retests this line from above during bullish trends, it finds support and the price feels a bullish effect. This could be seen working in action during this rally alone, as the rebounds in March and June both occurred when the STH NUPL approached this line.<\/p>\n
Related Reading: Bitcoin NVT Shows Bearish Crossover, Price Drop Incoming?<\/a><\/div>\n
From the chart, it’s visible that the metric has once again fallen to this line recently. This retest may be quite important, as a plunge below could mean a reversal back toward a bearish regime.<\/p>\n
In the below graph, it’s also visible that the MTH NUPL is retesting the same line, although this indicator is approaching it from the negative zone.<\/p>\n
\"Bitcoin<\/p>\n
The metric is retesting the break-even line | Source: CryptoQuant<\/a><\/pre>\n
The MTHs had been sitting in losses until now, but they are on the verge of transitioning back into profits currently. If the metric can manage to break through the level, then it would be a positive sign for the rally, as the bullish trend has historically continued whenever these investors have come back above water.<\/p>\n
Related Reading: Will Bitcoin Rebound Anytime Soon? Here\u2019s What On-Chain Data Says<\/a><\/div>\n
The break-even line providing resistance to Bitcoin, however, is also a possibility, in which case the asset would feel a bearish effect. It now remains to be seen how this retest, as well as the one of the STH NUPL, would pan out in the coming days.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $29,000, down 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC continues to move sideways | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Michael F\u00f6rtsch on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows two Bitcoin indicators are currently retesting levels that have historically been relevant for the market’s course. Bitcoin NUPL For Both Short-Term & Mid-Term Holders Is Neutral Currently As pointed out by an analyst in a CryptoQuant post, the BTC NUPL has been retesting crucial levels recently. The “Net Unrealized Profit\/Loss” (NUPL) is a metric that keeps track of the net amount of profit or loss that investors are holding currently. This indicator works by looking through the on-chain history of each coin in circulation to see what price it was last moved at. If this previous transfer price for any coin was less than the current spot price of Bitcoin, then that particular coin is holding a profit right now. The NUPL counts this profit that the coin is holding in the unrealized profit. Similarly, the loss that underwater coins are holding gets included in the unrealized loss. The metric then takes the difference between these two numbers to find the net profit\/loss status of the entire market. In the context of the current discussion, the entire market isn’t of interest, however, only specific sections of it are. In particular, two BTC cohorts called the “short-term holders” (STHs) and the “mid-term holders” (MTHs) are of relevance. The STHs include all investors who bought their coins within the last six months, while the MTHs are those who have been holding their coins since at least six months ago and at most 2 years ago. First, here is a chart that shows the trend in the Bitcoin NUPL specifically for the STHs: Looks like the value of the metric has approached zero recently | Source: CryptoQuant As displayed in the above graph, the Bitcoin STH NUPL has been positive throughout this rally that first started back in January of this year. Generally, this is the case in bullish trends, as the STHs are those who bought relatively recently, so any price rises immediately reflect on their profit\/loss status. What’s more significant, however, is the indicator’s relationship with the zero mark. At this line, the STHs as a whole are neutral, meaning that their unrealized losses equal their unrealized profits. Usually, whenever the metric retests this line from above during bullish trends, it finds support and the price feels a bullish effect. This could be seen working in action during this rally alone, as the rebounds in March and June both occurred when the STH NUPL approached this line. Related Reading: Bitcoin NVT Shows Bearish Crossover, Price Drop Incoming? From the chart, it’s visible that the metric has once again fallen to this line recently. This retest may be quite important, as a plunge below could mean a reversal back toward a bearish regime. In the below graph, it’s also visible that the MTH NUPL is retesting the same line, although this indicator is approaching it from the negative zone. The metric is retesting the break-even line | Source: CryptoQuant The MTHs had been sitting in losses until now, but they are on the verge of transitioning back into profits currently. If the metric can manage to break through the level, then it would be a positive sign for the rally, as the bullish trend has historically continued whenever these investors have come back above water. Related Reading: Will Bitcoin Rebound Anytime Soon? Here\u2019s What On-Chain Data Says The break-even line providing resistance to Bitcoin, however, is also a possibility, in which case the asset would feel a bearish effect. It now remains to be seen how this retest, as well as the one of the STH NUPL, would pan out in the coming days. BTC Price At the time of writing, Bitcoin is trading around $29,000, down 1% in the last week. BTC continues to move sideways | Source: BTCUSD on TradingView Featured image from Michael F\u00f6rtsch on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":546092,"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":[428,89051,86576,1119,1144],"class_list":["post-546067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish-trend","tag-bitcoin-retest","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nThese Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail?<\/title>\n<meta name=\"description\" content=\"On-chain data shows two Bitcoin indicators are currently retesting levels that have historically been relevant for the market's course.\" \/>\n<meta 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.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:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"These Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail?","url":"http:\/\/uniquehot.com\/news\/bitcoin-metrics-important-retests-bullish-trend-prevail\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-metrics-important-retests-bullish-trend-prevail\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/michael-fortsch-gRAS87wSVCs-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/michael-fortsch-gRAS87wSVCs-unsplash.jpg?fit=6000%2C4000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish trend","bitcoin retest","btc","btcusd"],"dateCreated":"2023-08-07T21:00:41Z","datePublished":"2023-08-07T21:00:41Z","dateModified":"2024-06-11T08:08:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"These Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-metrics-important-retests-bullish-trend-prevail\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-metrics-important-retests-bullish-trend-prevail\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/michael-fortsch-gRAS87wSVCs-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/michael-fortsch-gRAS87wSVCs-unsplash.jpg?fit=6000%2C4000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish trend\",\"bitcoin retest\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-08-07T21:00:41Z\",\"datePublished\":\"2023-08-07T21:00:41Z\",\"dateModified\":\"2024-06-11T08:08:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/michael-fortsch-gRAS87wSVCs-unsplash.jpg?fit=6000%2C4000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/546067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=546067"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/546067\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/546092"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=546067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=546067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=546067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}