Currently, the NUPL indicator is neutral, similar to mid-2018 and mid-2020. The last major cycle high was seen around the January and November 2021 price peaks, which preceded the latest 50% sell-off in BTC’s price. A price low, however, has not been triggered, which previously occurred on high volume down moves far below the average traders’ cost basis around $30,000-$40,000 BTC.
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