{"id":354040,"date":"2023-10-27T19:00:47","date_gmt":"2023-10-27T13:30:47","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=354040"},"modified":"2023-10-27T17:14:11","modified_gmt":"2023-10-27T11:44:11","slug":"is-the-bitcoin-bull-market-finally-here","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-the-bitcoin-bull-market-finally-here\/","title":{"rendered":"Is the Bitcoin bull market finally here?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">BTC\u2019s Net Unrealized Profit and Loss metric confirmed the ongoing bullish rally.<\/span><\/i><\/li>\n<li><i><span style=\"font-weight: 400;\">At its current price, BTC might be overvalued and might experience a pullback.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Net Unrealized Profit and Loss (NUPL) has reached its Optimistic phase, indicating that the prevailing sentiment is more bullish, pseudonymous CryptoQuant analyst Gaah noted in a recent <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/653a3a5a3943ad1bb1bd3013-NUPL-returns-to-Optimistic-Phase-bull-market-becoming-reality\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\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\">BTC\u2019s Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">BTC\u2019s NUPL metric functions as a good gauge of market sentiment as it measures the overall profitability of coin holders. When the NUPL value is above zero, it indicates that BTC holders are in profit. Conversely, a value below zero indicates that most holders are at a loss.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At 0.399 at press time, the leading coin\u2019s NUPL rallied above the zero line on 15 October, when BTC began its uptrend. Since then, the coin\u2019s value has increased by 31%, data from <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\"> showed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With growing bullish sentiments, Gaah noted:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThe indicator is now approaching 0.5+ (Belief &#8211; Denial Phase [Orange]), a level that has historically indicated market tops.\u201d<\/span><\/p><\/blockquote>\n<figure id=\"attachment_354044\" aria-describedby=\"caption-attachment-354044\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/7ZLZ9CZ_202bbd616dab03e0f3e91d16a6c3e02407bdefeb63c617bbace2cda1184e593e.webp\"><img decoding=\"async\" class=\"wp-image-354044 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/7ZLZ9CZ_202bbd616dab03e0f3e91d16a6c3e02407bdefeb63c617bbace2cda1184e593e.webp\" alt=\"\" width=\"1280\" height=\"806\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/7ZLZ9CZ_202bbd616dab03e0f3e91d16a6c3e02407bdefeb63c617bbace2cda1184e593e.webp 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/7ZLZ9CZ_202bbd616dab03e0f3e91d16a6c3e02407bdefeb63c617bbace2cda1184e593e-300x189.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/7ZLZ9CZ_202bbd616dab03e0f3e91d16a6c3e02407bdefeb63c617bbace2cda1184e593e-1024x645.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/7ZLZ9CZ_202bbd616dab03e0f3e91d16a6c3e02407bdefeb63c617bbace2cda1184e593e-768x484.webp 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-354044\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The analyst added that euphoria might set in once the U.S. Securities and Exchange Commission (SEC) approves BTC spot exchange-traded funds (ETFs). \u201cIf this happens later this year, the price could hit its last historical high again,\u201d Gaah opined.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The coin\u2019s last historical high was $68,789.63, which was reached on 10 November 2021.<\/span><\/p>\n<h4><strong>A retracement in sight?<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">At press time, the leading crypto exchanged hands at $34,063. Price movements assessed on a daily chart hinted at the possibility of a slight retracement in the coming days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Firstly, the coin\u2019s key momentum indicators were positioned at overbought highs at press time. Its Relative Strength Index (RSI) and Money Flow Index (MFI), which track the coin\u2019s trading momentum, were 82.63 and 84.36, respectively, as of this writing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At these values, there is a high probability of a pullback or reversal in the near future. Moreso, an assessment of the Spent Output Profit Ratio for both short and long-term BTC holders revealed that both cohorts of investors currently hold at a profit. They might become incentivized to sell their holdings to cash in those profits. This might result in a price drawback.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the<a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">\u00a0BTC Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Likewise, BTC\u2019s price sat above the upper band of its Bollinger Bands indicator at press time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When an asset\u2019s price trades in this manner, it means that the asset is trading above its average price and that volatility is high. It often signals that the coin is overvalued and that a pullback is likely.\u00a0<\/span><\/p>\n<figure id=\"attachment_354043\" aria-describedby=\"caption-attachment-354043\" style=\"width: 2216px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-27_07-09-36.png\"><img decoding=\"async\" class=\"wp-image-354043 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-27_07-09-36.png\" alt=\"\" width=\"2216\" height=\"1226\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-27_07-09-36.png 2216w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-27_07-09-36-300x166.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-27_07-09-36-1024x567.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-27_07-09-36-768x425.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-27_07-09-36-1536x850.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-27_07-09-36-2048x1133.png 2048w\" sizes=\"(max-width: 2216px) 100vw, 2216px\" \/><\/a><figcaption id=\"caption-attachment-354043\" class=\"wp-caption-text\">Source: BTC\/USDT on TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Sitting above 1 at press time, Bitcoin\u2019s Net Unrealized Profit and Loss metric confirmed the bullish state of the current market, with most coin holders holding at a profit.\u00a0<\/p>\n","protected":false},"author":64,"featured_media":354045,"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-354040","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>Is the Bitcoin bull market finally here? 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