In past cycles, we have observed that when the NUPL value falls within the range of 0.65 to 0.55, it triggers profit-taking in Bitcoin. In recent weeks, after reaching a value of 0.63, it led to a downturn in price, but the Bitcoin price remained strong due to demand for spot ETFs. With the end of the month nearing and an increase in open positions, it seems possible that the NUPL value could drop to around 0.50, may be causing a short-term decline in price.
Written by tugbachain
