$BTC $ETH In the last week of April, the Bitcoin market entered a consolidation period after experiencing the block reward halving event. After reaching a high of $73,000 in March, the price has fluctuated between $60,000 and $66,700. During this time, selling pressure in the market increased, mainly caused by short-term holders (STH) who purchased Bitcoin recently (within 1-6 months).
Although the market is facing selling pressure, the net unrealized profit and loss (NUPL) indicator shows that the market is still in the "excitement" stage of the bull market. However, the indicator also shows a gradual cooling of the market since the price correction began. In particular, the selling behavior of short-term holders who have suffered large losses has become an important signal that the market may bottom out.
Looking at the cost basis for short-term holders of Bitcoin purchased over the past week to month shows that this is a key indicator of market sentiment. Realized losses for this group typically peak near market bottoms, suggesting fatigue among these sellers may be a precursor to an imminent market rebound.
