In a recent analysis, the relationship between NUPL (Net Unrealized Profit/Loss) and market price was explored. NUPL, calculated by comparing market value and realized value, can signal potential local bottoms when it falls below 0. This is due to the last bitcoins sent being considered expensive, leading to a decrease in selling and price stabilization.

When NUPL rises above 0, it indicates an increase in market value, exceeding the unrealized value. This can psychologically initiate a rise or pullback at each quarter crossing. In bullish trends, NUPL typically hovers between 0.5 and 0.75, with the bull market ending when NUPL reaches 0.70 and above.

Currently, in a bull market, price increases are likely as long as NUPL stays within the 0.5 to 0.75 range. Pullbacks are considered buying opportunities. However, caution is advised when entering the greed phase at 0.75, as deep corrections may occur.

The EMA 121 was also included in the analysis, indicating areas of momentum gain and loss. It often acts as support and resistance, with deviations showing when to turn positions. The analysis concluded that the bull market is still ongoing, with no excess yet observed.