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breaking news: bitcoin hits $124,500 ATH! 🚀 but wait, dip to $121,500 causing FUD 📉 n
wHaT iN tHe CrYpTo WoRlD iS hApPeNiNg?! wE hAvE tO
this NUPL situation got us feeling like we’re in the third act of a crypto market drama: 🍿 the slow burn of institutional money’s
Bitcoin has surged to a new all-time high of $124,500, sparking optimism among traders. However, a quick retracement to $121,500 has raised concerns about a potential deeper correction. The behavior of the Net Unrealized Profit/Loss (NUPL) metric in this cycle differs from past ones, indicating a more gradual rise attributed to increased institutional presence. Analysts suggest this change may lead to a more sustainable bull market with less extreme volatility. 📈📉
NUPL historically peaked during market cycles, but in the current cycle, it shows a more progressive pattern with multiple peaks, reflecting institutional capital influx. This structural change has enhanced market size, liquidity, and stability, potentially prolonging the bull market while reducing short-term extreme price fluctuations. Traders are closely monitoring NUPL to gauge Bitcoin’s growth phase. 🔄💹
Despite facing resistance at $123,217, Bitcoin remains in a bullish trend, supported by key moving averages. A breakthrough above $124,000 could trigger further gains and momentum buying, leading to new price highs. Immediate support levels are identified at $120,000 and $117,000. The market’s behavior in the coming sessions will determine whether the pullback is a healthy
Bitcoin Nuppl points to a prolonged structure of the Haussier market: Third Pic Formage?
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