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.
The price action from the 2014–2015 bearish season shows BTC/USD resuming its downside correction despite a 100% rebound. Similarly, in 2018, a 97.41% upside retracement did little to secure the market from the prevailing bearish bias. The current trend matches dangerously close to what was observed in 2014-15, which means if a breakthrough is not in sight, Bitcoin might suffer a price slide again.
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