Bitcoin Pauses at Key Pressure Point as On-Chain Data Suggests Market Bottom Yet to Come

Bitcoin has been fluctuating between $60,000 and $70,000, reflecting concerns of further declines. The cryptocurrency is trading within a narrow range set by the Short-Term Holder Realized Price, with the -1.5σ level often indicating maximum market stress. Alphractal founder, Joao Wedson, refers to the Net Unrealized Profit/Loss (NUPL) metric for long-term holders, currently at 0.36, suggesting they remain profitable despite volatility. However, a negative turn in this metric, linked to extreme pessimism and seller exhaustion, typically signals the end of bear markets. Concurrently, miners are adjusting their strategies, with over 36,000 Bitcoin being withdrawn from exchanges since February, indicating a potential move to long-term storage and reduction in immediate sell-side supply.