Crypto
Bitcoin may not have hit a true bottom, on-chain metrics suggest further decline
On-chain analysis suggests Bitcoin may not yet have confirmed a bear-market bottom. CryptoQuant said its NUPL indicator, which tracks supply profitability, still has room to fall when compared with past bottom signals. Analyst TheChesOnChain said the NUPL 100-day exponential moving average has historically dropped below zero at cycle lows. With Bitcoin just above $63,000, the matching NUPL level is 0.215, implying more downside if past patterns repeat.
