• 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
Sunday, June 4, 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

Bitcoin ATMs Witness Surge In Numbers For The First Time In 2023

Cryptocurrency markets’ low volatility: A curse or an opportunity?

CZ Binance on Buying Banks to Fight Crypto Regulation Woes, Russian Banker Says CNY Likely to Dethrone USD, and More — Week in Review

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

Bitcoin ATMs Witness Surge In Numbers For The First Time In 2023

by wireopedia memeber
June 4, 2023
0

The global count of Bitcoin ATMs has witnessed a notable increase over the past month, reaching a new peak of over 35,000 operational machines, according to the latest...

Read more

Cryptocurrency markets’ low volatility: A curse or an opportunity?

by wireopedia memeber
June 4, 2023
0
Cryptocurrency markets’ low volatility: A curse or an opportunity?

The cryptocurrency market has been experiencing low volatility for the past two months, but does that mean investors

Read more

CZ Binance on Buying Banks to Fight Crypto Regulation Woes, Russian Banker Says CNY Likely to Dethrone USD, and More — Week in Review

by wireopedia memeber
June 4, 2023
0
CZ Binance on Buying Banks to Fight Crypto Regulation Woes, Russian Banker Says CNY Likely to Dethrone USD, and More — Week in Review

Changpeng Zhao, the CEO of Binance, doesn’t think buying a bank would solve the crypto industry’s troubles with traditional financial institutions, amid issues his own exchange currently

Read more

5 free ChatGPT and generative AI courses

by wireopedia memeber
June 4, 2023
0
5 free ChatGPT and generative AI courses

Level up your skills in language models and automation with free ChatGPT and generative AI courses

Read more

Op-ed: Zero-knowledge scaling will take decentralized gaming to the next level

by wireopedia memeber
June 4, 2023
0
Op-ed: Zero-knowledge scaling will take decentralized gaming to the next level

Gaming is one of the fastest-growing subsectors of the web3 industry and its most resilient verticals, with funding remaining buoyant despite the unremitting bear market Over 60% of...

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

5 sneaky tricks crypto phishing scammers used last year: SlowMist

5 sneaky tricks crypto phishing scammers used last year: SlowMist

January 10, 2023
Grimes Just Got A Huge Red Leg Tattoo, And Here It Is

Grimes Just Got A Huge Red Leg Tattoo, And Here It Is

June 2, 2023

Cardano Is The Most Loved Crypto In This Part Of The World, Study Reveals

January 19, 2023

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

  • Belgian prime minister knocked out after falling off bike
  • Real Madrid legend Karim Benzema to leave after 14 years
  • Man charged after allegedly wearing offensive Hillsborough shirt at Wembley
  • Murder investigation launched in Bournemouth after woman in her 80s found dead
  • Bitcoin ATMs Witness Surge In Numbers For The First Time In 2023

© 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)$26,950.000.62%
  • ethereumEthereum(ETH)$1,876.741.15%
  • tetherTether(USDT)$1.000.03%
  • binancecoinBNB(BNB)$306.470.56%
  • usd-coinUSD Coin(USDC)$1.000.06%
  • rippleXRP(XRP)$0.521.52%
  • staked-etherLido Staked Ether(STETH)$1,876.701.30%
  • cardanoCardano(ADA)$0.3720631.92%
  • dogecoinDogecoin(DOGE)$0.0719821.00%
  • matic-networkPolygon(MATIC)$0.901.36%
  • solanaSolana(SOL)$20.69-0.02%
  • litecoinLitecoin(LTC)$94.984.79%
  • tronTRON(TRX)$0.0757141.06%
  • polkadotPolkadot(DOT)$5.250.31%
  • binance-usdBinance USD(BUSD)$1.000.13%
  • shiba-inuShiba Inu(SHIB)$0.000008-0.47%
  • avalanche-2Avalanche(AVAX)$14.241.62%
  • daiDai(DAI)$1.000.05%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,967.000.56%
  • uniswapUniswap(UNI)$5.030.66%
  • chainlinkChainlink(LINK)$6.440.08%
  • cosmosCosmos Hub(ATOM)$10.401.37%
  • okbOKB(OKB)$46.231.35%
  • stellarStellar(XLM)$0.091894-0.48%
  • bitcoin-cashBitcoin Cash(BCH)$114.481.71%
  • filecoinFilecoin(FIL)$4.905.13%
  • crypto-com-chainCronos(CRO)$0.058766-1.33%
  • vechainVeChain(VET)$0.019944-0.83%
  • nearNEAR Protocol(NEAR)$1.560.43%
  • algorandAlgorand(ALGO)$0.1510352.29%
  • elrond-erd-2MultiversX(EGLD)$37.140.62%
  • axie-infinityAxie Infinity(AXS)$7.002.43%
  • terra-lunaTerra Luna Classic(LUNC)$0.0000862.16%
  • compound-ethercETH(CETH)$37.520.72%
  • ftx-tokenFTX(FTT)$1.91-20.60%
  • terrausdTerraClassicUSD(USTC)$0.0134251.69%