Analyst: Bitcoin Short-Term Holders Yet to Realize Significant Profits Creating Selling Pressure, Upside Momentum Still Accumulating

BlockBeats News, May 6th, CryptoQuant analyst Axel Adler Jr. posted on social media, stating, "Bitcoin short-term holders (holding period of 1 to 3 months) represent the most aggressive market participants, including professional speculators trading Bitcoin through ETF brokers. In the current bull market cycle, their Net Unrealized Profit/Loss (NUPL) usually rises to above the 40% range, after which they start taking profits, creating selling pressure in the spot market."

Currently, this group's NUPL is at 8%, and its 30-day Simple Moving Average (SMA) remains negative, staying at -2%. Before NUPL breaks above 40%, the selling pressure from this group will remain at a lower level, which is seen as a bullish signal."