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.