- The Net Unrealized Profit or Loss (NUPL) metric, which is considered to be a sign that the crypto market has reached a local bottom for Bitcoin and Ethereum, shows a historical trend for the top two cryptocurrencies.
- According to the latest data from Glassnode, BTC Relative Unrealized Profit has reached its lowest level in the past five months with a value of 0.402 at the current price level.
- The number of profitable addresses obtained based on a 7-day moving average indicates that the ETH price is approaching its bottom point at a five-month low.
Bitcoin and Ethereum prices continue to trade in narrow ranges; When will the next step in price movement begin?
Are Bitcoin and Ethereum Approaching a Rally?
The Net Unrealized Profit or Loss (NUPL) metric, which is considered to be a sign that the crypto market has reached a local bottom for Bitcoin (BTC) and Ethereum (ETH), shows a historical trend for the top two cryptocurrencies. In terms of trader sentiment, the excitement around spot Bitcoin ETF applications has started to decrease, reflecting in asset prices.
According to the latest data from Glassnode, BTC Relative Unrealized Profit has reached its lowest level in the past five months with a value of 0.402 at the current price level. This means that more and more traders are incurring losses, which is usually a sign that the asset price is approaching its bottom point.
The current BTC price level represents a significant improvement compared to the period when it traded below $20,000 at the beginning of 2023.
Similarly, the number of profitable addresses obtained based on a 7-day moving average is at a five-month low, indicating that the ETH price is approaching its bottom point. COINOTAG previously reported that the range between $1700 and $1577 is critical for the next breakout or bullish movement. An exit from the $1700 range could potentially lead to an upward trend in the Ethereum price.
What will be the next step in BTC price?
In recent times, the crypto market has experienced a prolonged period of sideways movement around the $30,000 level for the Bitcoin price. This was happening alongside developments related to spot Bitcoin ETF applications.
In the first week of September 2023, the U.S. Securities and Exchange Commission (SEC) will announce updates regarding several spot ETF applications, including Blackrock. However, it is widely believed that SEC officials may pass the initial deadlines without significant progress.
