Bitcoin Erases May Crash Losses; Bitcoin Rebounds To $44K

Things have started to look really good pricewise, $44,000 has been broken again and currently we are looking at Bitcoin at $44,700.

Bitcoin erases May crash losses as BTC price rebounds to $44K

Indicators suggest that Bitcoin is looking to repeat the October 2020-like rally that sent the prices from $10,000 to $65,000.

A NUPL reading above zero indicates that the network is in a state of net profit, while values below zero indicate a state of net loss. The further NUPL deviates from zero, the more it helps investors spot market tops and bottoms.

They spot the degree of deviations from zero via a heat map. For example, during an uptrend, red indicates “capitulation,” orange means “hope,” yellow shows “optimism,” green hints “belief,” and blue underscores “euphoria.”

In October 2020, the Bitcoin NUPL moved upward of zero as its heat map changed colors from yellow to green after successfully bouncing off the red zone in March earlier that year.

Later, the prices moved from approximately $10,000 to around $65,000.


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Master Asked on August 7, 2021 in Bitcoin.
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