• Coins MarketCap
    • Coins MarketCap
    • Crypto Calculator
    • Top Gainers and Loser of the day
  • Crypto Exchanges
  • Bitcoin News
  • Crypto News
    • Cryptocurrency
    • Blockchain
    • Finance
    • Investing
    • View all latest Updates regarding crypto
Thursday, June 8, 2023
WIREOPEDIA
No Result
View All Result
Contribute!
CONTACT US
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
WIREOPEDIA
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
No Result
View All Result
WIREOPEDIA
No Result
View All Result
Home Blockchain

Bitcoin NUPL Says Market Stands At Key Junction Between Bull And Bear Trends

wireopedia memeber by wireopedia memeber
December 14, 2021
in Blockchain, Crypto, Crypto Market, Cryptocurrency, Finance, Investing, Market
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

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

You might also like

CEX trading volumes fell to 4-year lows even before Binance, Coinbase suits

Coinbase CEO Responds to SEC Lawsuit Accusing Crypto Exchange of Securities Law Violations

Bitcoin Is Reportedly Trading At a $2k Premium on Binance.US

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 Reading | Goldman 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

Read Entire Article
Tags: BlockchainCoin SurgesCryptocurrenciesMarket StoriesnewsbtcTrading
Share30Tweet19
wireopedia memeber

wireopedia memeber

Recommended For You

CEX trading volumes fell to 4-year lows even before Binance, Coinbase suits

by wireopedia memeber
June 8, 2023
0
CEX trading volumes fell to 4-year lows even before Binance, Coinbase suits

Monthly trading volumes on centralized exchanges continued to fall in May as regulators tighten their grip on the

Read more

Coinbase CEO Responds to SEC Lawsuit Accusing Crypto Exchange of Securities Law Violations

by wireopedia memeber
June 8, 2023
0
Coinbase CEO Responds to SEC Lawsuit Accusing Crypto Exchange of Securities Law Violations

Coinbase CEO Brian Armstrong has responded to the lawsuit filed by the US Securities and Exchange Commission (SEC) against his cryptocurrency exchange The securities regulator charged Coinbase with

Read more

Bitcoin Is Reportedly Trading At a $2k Premium on Binance.US

by wireopedia memeber
June 8, 2023
0
Bitcoin Is Reportedly Trading At a $2k Premium on Binance.US

According to sources on June 6, Bitcoin is trading at a $2,000 premium on Binance US, an exchange the United States Securities and Exchange Commission (SEC) claims is...

Read more

Republican crypto bill a ‘10x improvement’ on all others: Messari CEO

by wireopedia memeber
June 8, 2023
0
Republican crypto bill a ‘10x improvement’ on all others: Messari CEO

Speaking in a Twitter Space hosted by Coinbase on June 7, Ryan Selkis praised the new crypto bill for providing new

Read more

Ethereum Price Consolidates Below $1,900: What Could Trigger A Sharp Decline?

by wireopedia memeber
June 8, 2023
0
Ethereum Price Consolidates Below $1,900: What Could Trigger A Sharp Decline?

Ethereum price is moving lower from the $1,900 resistance against the US Dollar ETH could decline heavily if there is a clear move below the $1,800 support Ethereum...

Read more
Next Post
38 Things You Definitely Forgot Happened In 2021 That Will Completely Distort Your Sense Of Time And Reality

38 Things You Definitely Forgot Happened In 2021 That Will Completely Distort Your Sense Of Time And Reality

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related News

Government is ‘sabotaging’ efforts to resolve strike action, head of TUC says

Government is ‘sabotaging’ efforts to resolve strike action, head of TUC says

December 29, 2022
Ex-Radio 1 DJ jailed for child sex offences has sentence increased to 18 years

Ex-Radio 1 DJ jailed for child sex offences has sentence increased to 18 years

June 10, 2022
Bone ShibaSwap Price Rises 37% Over The Weekend, Where Next BONE?

Bone ShibaSwap Price Rises 37% Over The Weekend, Where Next BONE?

December 19, 2022

Browse by Category

  • Blockchain
  • Breaking News
  • Business
  • Crypto
  • Crypto Market
  • Cryptocurrency
  • Defense
  • Entertainment
  • Finance
  • Health Care
  • Investing
  • Market
  • Politics
  • Strange
  • Technology
  • UK News
  • Uncategorized
  • US News
  • World
WIREOPEDIA

Wireopedia is an automated news feed. The Wireopedia AI pulls from sources with different views so you can see the various sides of different arguments and make a decision for yourself. Wireopedia will be firmly committed to the public interest and democratic values.

Privacy Policy     Terms and Conditions

CATEGORIES

  • Blockchain
  • Breaking News
  • Business
  • Crypto
  • Crypto Market
  • Cryptocurrency
  • Defense
  • Entertainment
  • Finance
  • Health Care
  • Investing
  • Market
  • Politics
  • Strange
  • Technology
  • UK News
  • Uncategorized
  • US News
  • World

BROWSE BY TAG

Bitcoin Bitcoinist Bitcoinmagazine Blockchain Blockonomi Breaking News Business BuzzFeed Celebrity News Coin Surges Cointelegraph Cryptocurrencies Cryptoslate Defense Entertainment Health Care insidebitcoins Market Stories newsbtc Politico Skynews Strange Technology Trading UK US World

RECENT POSTS

  • 11 Famous People Who Stand By Their Cosmetic Procedures And 11 Celebs Who Had Theirs Totally Reversed
  • Kilauea Volcano on Hawaii’s Big Island begins erupting after three-month pause
  • Niall Horan ‘afraid’ to go out after being ‘chased’ by One Direction fans
  • CEX trading volumes fell to 4-year lows even before Binance, Coinbase suits
  • Coinbase CEO Responds to SEC Lawsuit Accusing Crypto Exchange of Securities Law Violations

© 2022 WIREOPEDIA - All right reserved.

No Result
View All Result
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
  • Contribute!

© 2022 WIREOPEDIA - All right reserved.

  • bitcoinBitcoin(BTC)$26,396.00-1.98%
  • ethereumEthereum(ETH)$1,838.03-2.17%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$259.92-6.79%
  • usd-coinUSD Coin(USDC)$1.000.03%
  • rippleXRP(XRP)$0.52-1.26%
  • staked-etherLido Staked Ether(STETH)$1,836.31-2.23%
  • cardanoCardano(ADA)$0.323843-6.58%
  • dogecoinDogecoin(DOGE)$0.067767-2.81%
  • solanaSolana(SOL)$18.62-7.75%
  • matic-networkPolygon(MATIC)$0.76-5.51%
  • tronTRON(TRX)$0.076773-2.38%
  • litecoinLitecoin(LTC)$88.44-2.16%
  • polkadotPolkadot(DOT)$5.02-3.30%
  • binance-usdBinance USD(BUSD)$1.000.00%
  • avalanche-2Avalanche(AVAX)$13.92-4.91%
  • shiba-inuShiba Inu(SHIB)$0.000008-2.41%
  • daiDai(DAI)$1.00-0.11%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,423.00-1.92%
  • uniswapUniswap(UNI)$4.56-4.13%
  • chainlinkChainlink(LINK)$5.94-4.26%
  • cosmosCosmos Hub(ATOM)$9.44-6.21%
  • okbOKB(OKB)$44.39-1.75%
  • stellarStellar(XLM)$0.087423-1.99%
  • bitcoin-cashBitcoin Cash(BCH)$111.14-2.40%
  • filecoinFilecoin(FIL)$4.14-4.59%
  • crypto-com-chainCronos(CRO)$0.058810-1.80%
  • nearNEAR Protocol(NEAR)$1.40-7.23%
  • vechainVeChain(VET)$0.017617-5.19%
  • algorandAlgorand(ALGO)$0.122071-9.67%
  • elrond-erd-2MultiversX(EGLD)$34.67-4.44%
  • axie-infinityAxie Infinity(AXS)$6.21-7.04%
  • terra-lunaTerra Luna Classic(LUNC)$0.000094-6.15%
  • compound-ethercETH(CETH)$36.88-2.13%
  • ftx-tokenFTX(FTT)$1.91-20.60%
  • terrausdTerraClassicUSD(USTC)$0.012330-6.51%