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Bitcoin 'sell the rally' indicator flashes again as BTC price breaks below $45K

Published 08/12/2021, 11:01 AM
Updated 08/12/2021, 12:40 PM
Bitcoin 'sell the rally' indicator flashes again as BTC price breaks below $45K
BTC/USD
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BTC/USD
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A Bitcoin (BTC) on-chain indicator that spotted dead cat bounces during the yesteryear bearish market corrections has flashed again in August 2021.

Dubbed "Bitcoin: Short Term Holder NUPL," the indicator takes into account the unspent transaction output, or UTXO, of BTC transactions not more than 155 days old. In doing so, it attempts to determine whether an investor is profitable within 155 days of purchasing and holding Bitcoin.

Bitcoin short-term holder NUPL chart. Source: Glassnode
Bitcoin price recoveries did not last during the 2014–2015 and 2018 bearish cycles. Source: TradingView
BTC/USD price performance in recent history. Source: TradingView
Long- and short-term holder supply ratio. Source: Glassnode

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