Using NUPL, we can identify the Euphoria phase of a bull market when unrealized profits exceed half the market capitalization (NUPL > 0.5). In the 2020-21 cycle, this phase started 8.5 months after the Bitcoin halving and lasted 10.5 months. However, in this cycle, #NUPL reached 0.5 about 6.5 months before the halving.
#ETHETFS #BTC #bitcoinhalving

📈 Bitcoin rebounds on US labor market data. ETF flows negative. $66K potential trap zone. Short-term NUPL negative, indicating fear. Vanguard Red on daily, Long Vs Short favors Longs. Waiting for bullish signs for signals. Stay tuned for updates. 📈💡 #NUPL #bitcoinupdate2024