Key Bitcoin metrics suggest significant price appreciation potential, with technical fundamentals pointing toward a $137,000 threshold as short-term holder profits remain below critical levels. The STH NUPL indicator—tracking unrealized gains among recent investors—currently sits at 13%, notably under the 25% benchmark historically triggering profit-taking selloffs.
Fresh capital continues entering the market, evidenced by a 2.86% two-week spike in Bitcoin held by first-time buyers. Simultaneously, exchange balances have dwindled to 14.5% of total supply, signaling sustained accumulation by long-term holders and reduced immediate selling pressure.
For the STH NUPL to reach its profit-taking threshold, analysis indicates Bitcoin’s price would need to breach the $137,000 milestone. This outlook is reinforced by vigorous trading activity, with volumes holding strong at $191.1 billion, and intensifying scarcity as circulating supply nears Bitcoin’s hard cap at 19.89 million coins.