Bitcoin price decline has entered the NUPL cooling phase. In short, NUPL is calculated from market capitalization - realized capitalization / market capitalization = NUPL.

There are important levels waiting for us. Where to invest and when to take profits is very important. We will interpret these data directly without additions.

Color changes occur as prices rise and fall. What does it mean? In short, they show the extent of fear or greed. The value 0 is the threshold level; when the price falls below this level, most people lose because the realized value remains high while the market value is lower. Below 0 is a good investment area, investments made this way yield excellent results in the long term.

Where is suitable to sell? Here, the 0.25, 0.50, 0.75, and 1 levels are in the spotlight. When we check previous bull market levels, we see that the peak level of 0.75 was tested 4 times. This is the peak of the bull market and the excess area. Here, everyone behaves very greedily, and people flock to the market; it is precisely at this level that sales must be made.

There is also a cooling phase that occurs during a bullish trend. This needs to be read properly. As in 2019-2020, NUPL crossed 0.50 and then entered a cooling phase, falling below 0.50, then 0.25, and finally below 0, reaching an area very suitable for investment. Now, we cannot know how long this cooling will last; we need additional data.

It is currently around 0.50; breaking this level could take us back to 0.25, and as it moves back, selling pressure will decrease. As it rises, selling pressure will increase. I've shown how to use and interpret these metrics directly. I hope this has helped.