Bitcoin Is Building A Bottom But Capitulation May Not Be Over
LTH aNUPL Has Turned Negative While $BTC Trades ~50% Below Its Cycle High, A Structure Seen Near Major Macro Bottoms.
→ Stress Is Rising, But Not Yet At Historical Capitulation Extremes.
→ Deeper LTH Losses = Risk Of Another Leg Down.
Recovery Toward 0 = Absorption.
LTH aNUPL Has Turned Negative While $BTC Trades ~50% Below Its Cycle High, A Structure Seen Near Major Macro Bottoms.
→ Stress Is Rising, But Not Yet At Historical Capitulation Extremes.
→ Deeper LTH Losses = Risk Of Another Leg Down.
Recovery Toward 0 = Absorption.