Honey .. one indicator is not enough! 👸🏼🥲

Bitcoin’s price has been under pressure lately, hovering around $86,000 as bulls and bears battle for control. On-chain metrics and technical tools are giving mixed signals, but one important indicator is drawing attention for what it could mean about a potential floor.

What’s Going On With Bitcoin

Right now BTC is trading close to the $86,000 support zone, a level that’s acted as a pivot point in recent weeks. Prices have bounced off this area several times but haven’t managed a sustained move higher above $88K–$90K, which remains a key resistance band that traders are watching.

Market sentiment is fragile and still leaning toward fear, which historically can make bottoms harder to confirm. That’s partly reflected in Bitcoin’s Net Unrealized Profit/Loss (NUPL) indicator, which measures how many investors are in profit vs. loss. When NUPL falls into negative territory, it can signal strong accumulation and often marks macro market bottoms. Right now the metric is still positive but trending lower, suggesting that many holders are nervous and selling into weakness rather than buying aggressively.

Why the Indicator Matters

The NUPL indicator has a solid historical track record in Bitcoin cycles. In past cycles, when NUPL went negative, it often marked a major capitulation phase before a strong recovery began. That hasn’t happened this time yet, meaning BTC may not have hit a long-term bottom even if it’s holding near $86K for now.

But there’s another part of the picture that’s a bit more optimistic: despite the weak sentiment, some longer-term holders and on-chain data show signs of accumulation rather than capitulation, which could build a foundation beneath this price range if those trends grow stronger.

Support, Resistance, and What Could Happen Next
Technically, $86K is significant for a few reasons

Bitcoin has bounced near this region before, and some analysts see it as a demand zone where buyers step in.
If BTC can break and hold above the $88,000–$90,000 resistance range, it would improve confidence and make a rebound more likely.Failure to hold below $86K could lead to deeper tests of support closer to the $82K–$84K range. Market structure and order flow data suggest that downside is still possible if selling intensifies.
What This Means for Traders and Investors

Right now, the NUPL indicator isn’t showing a confirmed market bottom, but it’s also not flashing extreme bearish signals. Instead the indicator reflects a market where fear still influences behavior, and bulls need stronger demand and momentum to flip the short-term trend.

If Bitcoin can stabilize above $86K and NUPL begins to turn higher, that shift could help build confidence and make this level look more like a true floor. On the flip side, continued weakness and poor demand could push BTC back down below $84K or lower.
In short, $86K is an important support zone, but not yet a confirmed bottom according to the current indicator setup. Traders will likely be watching both on-chain signals and price action in the coming weeks to see which direction sentiment and flows break.$BTC
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