Bitcoin NUPL Signal Nears Zone That Marked The Last 3 Major Cycle Bottoms

A long-running on-chain metric that has aligned with each of Bitcoin's last three major bear market lows is once again closing in on its key zone. The Net Unrealized Profit/Loss (NUPL) reading on the monthly chart has dropped to 22.9, while BTC trades around $74,220 after previously climbing above $70,000 into the mid-$70,000s. If the historical pattern holds, analysts suggest sentiment may still need a deeper reset before confirming whether the next full cycle uptrend can begin.