Since the beginning of this month, speculation has abounded as to when bitcoin (BTC) will reach its bottom for this downward trend. These speculations follow an October that ended in the red for the first time in seven years. While analysts continue to predict possible market trends for BTC in the coming months, a certain metric is suggesting that the bottom is already in for the leading digital asset. BTC’s Bottom Is In According to an analysis by the market research firm CryptoQuant, the Bitcoin Net Unrealized Profit (NUP) metric is signaling a potential bottom. This indicator is used to evaluate the overall profit or loss status of Bitcoin investors. It is derived from the market and realized value of BTC and is also used to gauge investor sentiment over time. Additionally, the Bitcoin NUP represents the total amount of unrealized profits held by investors whose coins are in profit at any given time. When the NUP rises, it is often an indication of stronger selling pressure as investors are more driven to lock in profits. However, whenever the metric declines, selling pressure eases, and investors stop taking profits. Declines in the value of the indicator also signal that BTC has formed short-term bottoms. Data from past corrections in this bull cycle show that BTC has formed short-term bottoms when the NUP plummeted below 0.5.  Currently, the Bitcoin NUP is hovering around 0.476, suggesting that selling pressure has eased. Such a development indicates that the market may be approaching a short-term bottom amid the ongoing correction phase. This means that BTC may be on the verge of a breakout. In fact, analysts say market participants should expect a rebound in the near term. BTC Trades Between $102K and $105K While it remains to be seen if BTC will indeed record a breakout in the near term, the asset’s price has weathered heavy challenges over the past month. Since the massive liquidation event on October 10, bitcoin’s price has mostly traded under $120,000. With several attempts to break through $112,000 having failed, BTC has hovered under $110,000 since the beginning of the month. On November 7, the coin fell below $100,000 for the first time since June. Over the past 24 hours, the price of BTC has dropped from $105,000 to $102,000. At the time of writing, data from CoinMarketCap showed that the leading digital currency had rebounded to $105,000. The asset may trade within this range until it makes a decisive move. The post Has Bitcoin Hit a Short-term Bottom? This Metric Suggests Yes appeared first on CoinTab News.Since the beginning of this month, speculation has abounded as to when bitcoin (BTC) will reach its bottom for this downward trend. These speculations follow an October that ended in the red for the first time in seven years. While analysts continue to predict possible market trends for BTC in the coming months, a certain metric is suggesting that the bottom is already in for the leading digital asset. BTC’s Bottom Is In According to an analysis by the market research firm CryptoQuant, the Bitcoin Net Unrealized Profit (NUP) metric is signaling a potential bottom. This indicator is used to evaluate the overall profit or loss status of Bitcoin investors. It is derived from the market and realized value of BTC and is also used to gauge investor sentiment over time. Additionally, the Bitcoin NUP represents the total amount of unrealized profits held by investors whose coins are in profit at any given time. When the NUP rises, it is often an indication of stronger selling pressure as investors are more driven to lock in profits. However, whenever the metric declines, selling pressure eases, and investors stop taking profits. Declines in the value of the indicator also signal that BTC has formed short-term bottoms. Data from past corrections in this bull cycle show that BTC has formed short-term bottoms when the NUP plummeted below 0.5.  Currently, the Bitcoin NUP is hovering around 0.476, suggesting that selling pressure has eased. Such a development indicates that the market may be approaching a short-term bottom amid the ongoing correction phase. This means that BTC may be on the verge of a breakout. In fact, analysts say market participants should expect a rebound in the near term. BTC Trades Between $102K and $105K While it remains to be seen if BTC will indeed record a breakout in the near term, the asset’s price has weathered heavy challenges over the past month. Since the massive liquidation event on October 10, bitcoin’s price has mostly traded under $120,000. With several attempts to break through $112,000 having failed, BTC has hovered under $110,000 since the beginning of the month. On November 7, the coin fell below $100,000 for the first time since June. Over the past 24 hours, the price of BTC has dropped from $105,000 to $102,000. At the time of writing, data from CoinMarketCap showed that the leading digital currency had rebounded to $105,000. The asset may trade within this range until it makes a decisive move. The post Has Bitcoin Hit a Short-term Bottom? This Metric Suggests Yes appeared first on CoinTab News.