{"id":295543,"date":"2023-03-07T01:00:59","date_gmt":"2023-03-06T19:30:59","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=295543"},"modified":"2023-03-06T14:38:57","modified_gmt":"2023-03-06T09:08:57","slug":"bitcoin-btc-indicators-point-at-a-bull-cycle-and-on-chain-data-reveals","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-btc-indicators-point-at-a-bull-cycle-and-on-chain-data-reveals\/","title":{"rendered":"Bitcoin [BTC]: Indicators point at a bull cycle, and on-chain data reveals&#8230;"},"content":{"rendered":"<ul>\n<li><em>BTC&#8217;s NUPL suggests that the coin has commenced a new bull cycle.<\/em><\/li>\n<li><em>However, increasing coin dump indicates a lack of investors&#8217; confidence.\u00a0<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In a new <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/64049866427380174e2a7504-What-are-the-three-initial-conditions-of-an-uptrend-as-shown-by-the-NUPL\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, CryptoQuant analyst Sachi found that the assessment of <a href=\"http:\/\/ambcrypto.com\/bitcoin-btc-price-prediction-23\/\" target=\"_blank\" rel=\"noopener\">Bitcoin\u2019s [BTC]<\/a> Net Unrealized Profit\/Loss (NUPL) revealed that the leading coin has commenced a new bull cycle.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The NUPL is a metric used to evaluate the profit margin of the BTC market in relation to its market capitalization. A value below zero indicates an accumulation phase, while values above 0.5 suggest a distribution phase.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Sachi, \u201cthe crucial threshold to monitor is 0.2.\u201d In the current market, BTC\u2019s NUPL has reached this \u201ccrucial\u201d position. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The review conducted by the analyst on BTC&#8217;s historical performance found that a golden cross, which typically occurs between the 128 and 200-day moving averages, signals the end of the accumulation phase when the NUPL metric reaches or surpasses 0.2. This signifies the commencement of a bull market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sachi concluded that a bull cycle was underway as all three critical factors were present once again in the current cycle.<\/span><\/p>\n<figure id=\"attachment_295580\" aria-describedby=\"caption-attachment-295580\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DrqnWZ8b_230ac2441fb19ad84fdf97ad96c3c868ba54c36c74bc795e17275c12de4faf1a.webp\"><img decoding=\"async\" class=\"wp-image-295580 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DrqnWZ8b_230ac2441fb19ad84fdf97ad96c3c868ba54c36c74bc795e17275c12de4faf1a.webp\" alt=\"\" width=\"1280\" height=\"600\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DrqnWZ8b_230ac2441fb19ad84fdf97ad96c3c868ba54c36c74bc795e17275c12de4faf1a.webp 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DrqnWZ8b_230ac2441fb19ad84fdf97ad96c3c868ba54c36c74bc795e17275c12de4faf1a-300x141.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DrqnWZ8b_230ac2441fb19ad84fdf97ad96c3c868ba54c36c74bc795e17275c12de4faf1a-1024x480.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/DrqnWZ8b_230ac2441fb19ad84fdf97ad96c3c868ba54c36c74bc795e17275c12de4faf1a-768x360.webp 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-295580\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<h3><b>Accumulation has slowed, but only because\u2026<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">For the first time since the unexpected fallout of cryptocurrency exchange FTX, BTC traded momentarily above the $25,000 price mark on 16 February. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although the king coin\u2019s price later went on to trade below $25,000, for a few weeks, investors anticipated that BTC would reclaim the price position, leading them to open several long positions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, things failed to go as expected, leading to dwindling conviction in any further price rally. Investor\u2019s confidence plummeted further on 3 March when BTC\u2019s price suddenly fell by 5%, dropping from $23,500 to $22,240 due to a sense of insecurity and doubt surrounding <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-drops-amidst-silvergate-woes-can-bulls-defend-the-21k-support\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Silvergate Capital<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">T<\/span><span style=\"font-weight: 400;\">his led to the <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoins-btc-price-struggles-continue-as-analysts-warn-of-further-drop\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">liquidation<\/span><\/a><span style=\"font-weight: 400;\"> of the long positions earlier opened.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While Sachi opined that the decline in accumulation and other factors ushered in a new bull cycle, a look at on-chain data and price chart revealed otherwise.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First, BTC\u2019s Open Interest has been in a downtrend since 21 February. The fall in Open Interest coincides with a 10% fall in the asset\u2019s value. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the Open Interest of a crypto asset falls, it means that the number of outstanding contracts or positions in the market has decreased. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is often accompanied by a decline in market sentiment or a decrease in the number of traders willing to take positions in the market. As expected, this drives down the value of an asset.<\/span><\/p>\n<figure id=\"attachment_295585\" aria-describedby=\"caption-attachment-295585\" style=\"width: 1340px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-1-1.png\"><img decoding=\"async\" class=\"wp-image-295585 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-1-1.png\" alt=\"\" width=\"1340\" height=\"500\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-1-1.png 1340w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-1-1-300x112.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-1-1-1024x382.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/bybt_chart-1-1-768x287.png 768w\" sizes=\"(max-width: 1340px) 100vw, 1340px\" \/><\/a><figcaption id=\"caption-attachment-295585\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Further, on a daily chart, increased coin distribution has put the buyers at the sellers\u2019 mercy. Key momentum indicators such as the RSI and MFI were positioned in downward trends and rested below their respective neutral regions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Likewise, the coin\u2019s Chaikin Money Flow (CMF) returned a negative -0.09 at press time, indicating the severity of coin distribution. Without a change in conviction, this usually precedes a further price drawdown.<\/span><\/p>\n<figure id=\"attachment_295581\" aria-describedby=\"caption-attachment-295581\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-06_08-53-21.png\"><img decoding=\"async\" class=\"wp-image-295581 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-06_08-53-21.png\" alt=\"\" width=\"2560\" height=\"1121\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-06_08-53-21.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-06_08-53-21-300x131.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-06_08-53-21-1024x448.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-06_08-53-21-768x336.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-06_08-53-21-1536x673.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-06_08-53-21-2048x897.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-295581\" class=\"wp-caption-text\">Source: BTC\/USDT on TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Lastly, a look at BTC\u2019s funding rates across exchanges confirmed the lack of confidence that permeated the market at press time. Per data from <a href=\"https:\/\/cryptoquant.com\/asset\/btc\/chart\/derivatives\/funding-rates?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=column\" target=\"_blank\" rel=\"noopener\">CryptoQuant<\/a>, as of this writing, short positions exceeded long positions. It was the highest negative funding rate year-to-date.\u00a0<\/span><\/p>\n<figure id=\"attachment_295582\" aria-describedby=\"caption-attachment-295582\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-Funding-Rates-All-Exchanges.png\"><img decoding=\"async\" class=\"wp-image-295582 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-Funding-Rates-All-Exchanges.png\" alt=\"\" width=\"2560\" height=\"1612\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-Funding-Rates-All-Exchanges.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-Funding-Rates-All-Exchanges-300x189.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-Funding-Rates-All-Exchanges-1024x645.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-Funding-Rates-All-Exchanges-768x484.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-Funding-Rates-All-Exchanges-1536x967.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-Funding-Rates-All-Exchanges-2048x1290.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-295582\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>BTC&#8217;s NUPL suggests that the coin has commenced a new bull cycle. However, increasing coin dump indicates a lack of investors&#8217; confidence.\u00a0 In a new report, CryptoQuant analyst Sachi found that the assessment of Bitcoin\u2019s [BTC] Net Unrealized Profit\/Loss (NUPL) revealed that the leading coin has commenced a new bull cycle.\u00a0 The NUPL is a<a href=\"https:\/\/ambcrypto.com\/bitcoin-btc-indicators-point-at-a-bull-cycle-and-on-chain-data-reveals\/\">Continue reading <span class=\"sr-only\">&#8220;Bitcoin [BTC]: Indicators point at a bull cycle, and on-chain data reveals&#8230;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":295583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-295543","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin [BTC]: Indicators point at a bull cycle, and on-chain data reveals... - AMBCrypto<\/title>\n<meta name=\"description\" content=\"CryptoQuant analyst Sachi found that the assessment of BTC&#039;s NUPL revealed that the leading coin has commenced a new bull cycle.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-btc-indicators-point-at-a-bull-cycle-and-on-chain-data-reveals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin [BTC]: Indicators point at a bull cycle, and on-chain data reveals... - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"BTC&#039;s NUPL suggests that the coin has commenced a new bull cycle. 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