Bitcoin’s Net Unrealized Profit and Loss (NUPL) metric has failed to clear a major resistance zone, according to on-chain data. The NUPL indicator measures the degree of unrealized profit or loss held by investors. When the value of the NUPL is greater than zero, it means the average investor is carrying a profit on their coins. Conversely, the indicator being below this threshold suggests the market as a whole is sitting on some loss currently. The long-term resistance zone, which lies between the values of 0.31 and 0.38, has been an important retest for the cryptocurrency, as failure here has often meant the start of a drawdown. The Bitcoin NUPL has observed some decline in recent days, and the asset’s price has followed suit. The quant has marked the “long-term resistance” zone that the Bitcoin NUPL has historically followed. This area has been an important retest for the cryptocurrency, as failure here has often meant the start of a drawdown. The Bitcoin NUPL has also shown interesting interactions with its yearly moving average in the past. At the time of writing, Bitcoin is trading around $26,300, down 2% in the last week.