Bitcoin rises to $78K as profit metrics turn positive
Bitcoin climbed to about $78,000 as SOPR hit an eight-month high and NUPL turned positive; about 1.1M BTC at an $84,000 cost basis could limit upside.
Bitcoin climbed toward $78,000 on Tuesday as key on-chain profitability metrics strengthened and on-chain cost-basis data pointed to a concentrated layer of sellers around $84,000.
The Spent Output Profit Ratio, or SOPR, reached about 2.87 after falling as low as 0.62 in early February. Net Unrealized Profit/Loss, or NUPL, moved back into positive territory for the first time since early January.
A CryptoQuant analyst using the handle CW8900 wrote that the SOPR “shows that $BTC has already broken out of the bottom and is rising,” and added that “the bottom for $BTC was formed last February. The rally is already in progress.”
Bitcoin’s recent advance places the token more than 26% above its multi‑year low near $60,000 recorded on Feb. 6. Traders and analysts note immediate resistance in the $76,000 to $78,000 range, where the current market mean sits.
On-chain cost-basis distribution data indicate roughly 1.1 million BTC is held at an average cost near $84,000, creating a concentrated supply band where some holders may choose to realize gains. Estimates also show the average cost basis for U.S. spot Bitcoin exchange-traded funds near $83,100, which would sit close to that $84,000 level.
Some market participants flagged a pricing gap in futures markets near $84,000 that could act as a target if buyers remain in control. A daily close above the $76,000–$78,000 zone would remove a near-term hurdle and open the path toward that area.
SOPR and NUPL are commonly used to assess whether holders are, on average, selling at a profit or a loss. Historically, periods of low SOPR and negative NUPL have coincided with local lows, while their recoveries have aligned with sustained price gains.
Market participants are watching price behavior around current resistance levels and the distribution of break-even prices across holders to judge how durable the rally may be. Short-term trading flows and profit-taking around clustered cost bases remain factors that could affect near-term price action.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
