Bitcoin Bullish Signal: NUPL Is Forming A Golden Cross

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,846,941,297	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,846,941,297

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.000389	0.32%	0.123099	0.122962	0.123009

Price Change

Price Change %

Current Price

Bid Price

Offer

0.000389

0.32%

0.123099

0.122962

0.123009

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.123583	0.122487	0.12271	0.12271	0.064588 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.123583

0.122487

0.12271

0.064588 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	14:30:08	552.01	0.123099	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

14:30:08

552.01

0.123099

USD

Price x Volume	Volume	Base Symbol	Related Pairs
81,348.18	661,797.90	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

81,348.18

661,797.90

Bitcoin Bullish Signal: NUPL Is Forming A Golden Cross

17/03/2023 11:30pm

NEWSBTC

On-chain data shows the Bitcoin Net Unrealized Profit and Loss (NUPL) is forming a golden cross, a sign that could be bullish for the price. Bitcoin NUPL 60-Day MA Has Crossed Above 365-Day MA An analyst in a CryptoQuant post pointed out that this crossover pattern has been repeated multiple times since 2013. The “Net Unrealized Profit and Loss” (NUPL) is an indicator that tells us about the amount of unrealized profit or loss that Bitcoin investors are currently holding. By “unrealized,” what’s meant here is that holders have yet to sell/transfer their coins to harvest the profit or loss they have accumulated. If the investors were to sell these coins, the same amount of profit/loss they were carrying would become “realized.” The NUPL calculates this unrealized profit/loss by subtracting the realized cap (a capitalization model for BTC that accounts for the price at which each coin on the chain was bought) from the market cap. The metric then simplifies this value by dividing it by the market cap. When the metric has a positive value, the average investor holds an unrealized profit, while negative values suggest unrealized losses dominate the market. Naturally, the indicator having a value equal to zero implies the holders are just breaking even currently. Related Reading: Bitcoin Binary CDD Approaches Breakout That Historically Kicked Off Bull Rallies Here is a chart showing the trend in two moving averages (MAs) of the Bitcoin NUPL: the 60-day and 365-day versions. Looks like these two metrics have crossed each other in recent days | Source: CryptoQuant BTC has observed strong bullish momentum whenever the 60-day MA crosses over the 365-day MA. There have been some exceptions, however. In the above graph, the quant has marked the relevant points of the trend for the 60-day and 365-day MAs of the Bitcoin NUPL. The graph shows that the last time this kind of crossover took place was in late 2021 when the bull run of this cycle was at its top. But not too long after, the opposite type canceled this golden crossover, and BTC only saw a bearish effect. Recently, the MAs of the Bitcoin NUPL have once again started to form the bullish crossover formation. This time, at least so far, the breakout looks like a proper one as the 60-day has sharply surged above the 365-day already, unlike the previous instance, where the former never gained too much height above the latter before curling back in and forming the opposite crossover. Related Reading: Here’s When Messari CEO Ryan Selkis Expects Bitcoin To Reach $100,000 If the latest golden cross indeed ends up being the real thing, then BTC may be gearing up for a strong bull rally if the historical pattern is anything to go by. BTC Price At the time of writing, Bitcoin is trading around $26,600, up 34% in the last week. BTC seems to have surged recently | Source: BTCUSD on TradingView Featured image from Dylan Leagh on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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