Bitcoin had an exciting weekend filled with sharp volatility and historic price movements, leaving the market buzzing with anticipation. The cryptocurrency pushed above the $108,000 mark, reaching a new all-time high (ATH) of $109,350. However, the rally was met with resistance, and Bitcoin quickly retraced to as low as $99,400 before recovering. The dramatic swings created a mix of optimism and uncertainty as the weekend closed.

Analyst Axel Adler provided valuable insights into Bitcoin’s current state, focusing on the Net Unrealized Profit/Loss (NUPL) metric among miners. According to CryptoQuant data, the NUPL is currently at 0.5, a level that historically signals room for further growth. This metric measures the unrealized profits and losses in the market, offering a glimpse into whether a cycle top is near. Adler’s analysis suggests that Bitcoin has not yet reached its peak, reinforcing the belief that the current cycle still has significant upside potential.

As Bitcoin trades near key levels, investors are closely monitoring its next moves. With NUPL data indicating room for growth and the market continuing to show strength, many believe the cryptocurrency could be on the brink of another major rally, pushing the boundaries of this bullish cycle even further.

Bitcoin Miners Holding Strong 

Bitcoin is entering the final phase of its 4-year cycle, historically the most prolific and explosive period in terms of price appreciation. This phase often sees massive rallies fueled by heightened market activity and increasing investor optimism. With a pro-crypto U.S. administration led by President Donald Trump taking charge, the market sentiment for Bitcoin has turned overwhelmingly bullish. Many analysts believe this favorable environment could propel BTC to unprecedented levels in the coming months.

Top analyst Axel Adler recently shared key data from CryptoQuant, shedding light on Bitcoin’s current position in the cycle. Adler highlighted the Net Unrealized Profit/Loss (NUPL) metric among miners, which currently sits at 0.5.