Why it’s still too soon to call where Bitcoin might be heading

Bitcoin, at the time of writing, was eyeing a 3-week losing streak for the first time since June 2020. While the 7-day period hasn’t concluded yet, a market close below the $32,300-mark will register a third red-weekly candle in a row. Now, while market sentiments didn’t seem to be particularly bearish at press time, certain on-chain metrics did point to a period of downturn.
Bitcoin NUPL is ‘Euphoric’
Source: Glassnode
As highlighted by a recent Glassnode report, Bitcoin’s NUPL or Net Unrealized Profit/Loss has reached a state of euphoria.
According to the attached chart, whenever the NUPL