PelinayPA
Bitcoin Finally Looks Positive
The chart presents a mixed structure for Bitcoin one that is supportive of price in the short term on the supply side, but also indicates that the market hasn't yet entered a strong bullish momentum phase. Binance Netflow stands at -2,424 BTC, with a daily change of -878.7%. A negative netflow indicates that BTC is being withdrawn from exchanges rather than flowing into them. The sharp negative movement recently is particularly significant because it suggests that the amount of BTC readily available for selling on exchanges is declining. At the same time, this could tighten the liquid BTC supply and create the conditions for a faster price move if demand strengthens again. Therefore, among the three indicators on the chart, Netflow can be considered the clearest positive signal for price. Miner side selling pressure doesn't appear to be at a critical level. The Puell Multiple is at 1.03. The indicator has recently been moving around the 1 level, and the current reading does'nt indicate excessively high miner profitability. Very high Puell Multiple levels are generally associated with periods when miners may be more inclined to sell due to exceptionally high profitability. However, no such extreme condition is visible here. At the same time, a level of 1.03 doesn't suggest significant revenue stress among miners either. Therefore, the chart doesn't confirm strong selling pressure from miners. NUPL stands at 0.36. This indicates that the market remains in a zone of unrealized net profit. However, the decline in NUPL from approximately the0.38-0.39 range to 0.36 toward the end of the chart suggests that investor profitability has cooled somewhat. NUPL remains above a major selling zone, indicating that the market is still profitable rather than fully risk off. Combined with strongly negative exchange netflows and limited miner selling pressure, the short term setup remains supportive of an upside recovery.