BTC Holders Net Unrealized Profit/Loss (STH-NUPL) has once again turned negative, signaling rising stress among recent buyers. This shift suggests that the speculative over-leverage seen in recent weeks is beginning to unwind. In fact, the last time STH-NUPL reached this zone was in April of last year, just before Bitcoin kicked off a major bullish trend.

Bitcoin’s long-term Spent Output Profit Ratio (SOPR) remains above 1. In fact, the ratio was 2.3 at the time of writing, suggesting that long-term holders are still selling at a profit. Usually, when short-term holders face mounting losses, markets often enter a reset phase where weaker positions are flushed out. For BTC, the short-term holders’ exits could be setting the stage for long-term participants to regain control.

These developments signal an increased market confidence among the long-term holders as they add more long positions in the market. Along with the upcoming FOMC meeting, if the federal reserve turns dovish and announce the end of QT, it may act as the catalyst of the next crypto bull run or to the moon.

On the weekly charts, BTC prices were building momentum from the current demand zone at $108K. If the bulls accumulate enough buying pressure, the resistance level at $128K could be the next target. s speculative positions fade and long-term holder sentiment strengthens, Bitcoin’s market structure may be shifting from short-term fear toward a longer-term recovery.

If history is any guide, the recent pullback could be laying the groundwork for renewed bullish momentum in BTC. As of now, at the time of writing this article, BTC is being trade around $111,800 and has seen a jump of 4.54% in its price over the past week and stands at a market capitalization of $2.23 Trillion.