Bitcoin has failed to break the long-term resistance of the 'Net Unrealized Profit/Loss (NUPL) Index.' Given that the NUPL index has also formed a bearish pattern H&S, this could mean that Bitcoin could fall into the $24,000-$20,000 range. With the successful implementation of the H&S, the local uptrend of the NUPL index will also be broken. The last frontier for maintaining Bitcoin bullishness is the 365-day MA, which acts as reliable long-term support. For the above scenario to be declared invalid, it is necessary to overcome long-term resistance sustainably!

Written by BaroVirtual