The current #NUPL value of 0.29 is positioned towards the lower range of the equilibrium phase, a zone that has been observed during 37.5% of all #Bitcoin trading days. This particular zone was initially reached in early #March 2023 and remained consistent for approximately 16 months in the previous two #cycles.

#NUPL breaking below 0.25 would indicate that market profitability has declined back into the #Capitulation and Recovery phase, and may suggest weakness.

STH-SOPR 7D SMA z-score at -1.57, two-week low reaching -1.86 — just 0.14 standard deviations from the -2 threshold historically marking severe #Capitulation events 📉🔴. Recent buyers crystallizing losses at an elevated and accelerating pace 💪.

Loss realization severe enough to confirm deep bear conditions but not yet extreme enough to signal selling exhaustion required for a durable floor — market sits in uncomfortable interim territory ⚡️🎯👀