Bitcoin NUL Suggests More Downside To Come Before The Bottom

Name	Symbol	Market	Market Cap ($)	Algorithm
FTX Token	FTTUSD	Crypto	215,125,133	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

FTX Token

FTTUSD

Crypto

215,125,133

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	1.61	1.60	1.62

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

1.61

1.60

1.62

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.61	1.61	1.61	1.61	0.769100 - 2.43

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.61

0.769100 - 2.43

Exchange	Last Trade	Size	Trade Price	Currency
GATE	22:28:47	6.24	0.9155	USD

Exchange

Last Trade

Size

Trade Price

Currency

GATE

22:28:47

6.24

0.9155

USD

Price x Volume	Volume	Base Symbol	Related Pairs
0.00000000	0.00000000	FTT	FTTEUR	FTTGBP	FTTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

0.00000000

Bitcoin NUL Suggests More Downside To Come Before The Bottom

03/06/2022 8:00pm

NEWSBTC

On-chain data shows the Bitcoin NUL indicator is still below a value of 0.5, a sign that more downtrend could be in store for the crypto before the bottom is in. Bitcoin Net Unrealized Loss Surges Up, But Still Remains Below 0.5 As pointed out by an analyst in a CryptoQuant post, the cryptocurrency’s price may still be nowhere near a bottom. The relevant indicator here is the “net unrealized loss” (or NUL in brief), which tells us about the total number of coins that are currently holding an unrealized loss. The metric works by comparing the last selling price of each coin on the chain to the current value of Bitcoin. If the previous previous of any coin was more than the current one, then that coin is holding a loss right now. On the other hand, the current price being more than the last selling value would imply that the coin is in profit at the moment. Related Reading | Bitcoin Falls Below $30k As 10k BTC Flow Into Gemini The NUL metric only takes into account the former type of coins. Another indicator, the net unrealized profit (NUP), measures the latter category. Now, here is a chart that shows the trend in the Bitcoin NUL over the history of the coin: The value of the indicator seems to have been rising recently | Source: CryptoQuant In the above graph, the quant has marked the two different zones of the Bitcoin NUL, with the metric value equal to 0.5 line being the divider between them. It looks like historically, the price of the crypto has tended to observe the major bottoms when the indicator’s value has been greater than 0.5 Related Reading | Can FTX Token (FTT) And Parody Coin (PARO) Join Bitcoin (BTC) As The Biggest Cryptocurrency In 2022? As you can see in the chart, the NUL metric has observed some uptrend in recent months. This is because the value of Bitcoin has been declining during this period, leading to more coins going underwater. However, despite this recent rise, it seems like the net unrealized loss’ current value is still well below the 0.5 level. If past trend is anything to go by, Bitcoin may observe further downtrend in the coming future before the NUL’s value exceeds the threshold and a bottom is formed. BTC Price At the time of writing, Bitcoin’s price floats around $29.7k, up 3% in the last seven days. Over the past month, the crypto has lost 23% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has gone down over the last couple of days | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

FTTUSD FTX Token