Bitcoin NUPL Touches Lows Not Seen Since COVID Crash, Rebound Soon?

On-chain data shows the Bitcoin NUPL metric has now declined to lows not seen since the COVID-19 crash back in 2020.
Bitcoin Net Unrealized Profit And Loss Plunged Down Recently
As explained by an analyst in a CryptoQuant post, the NUPL past trend may suggest that current values could be favorable for a rebound in the crypto’s price.
The “net unrealized profit and loss,” or NUPL in brief, is an indicator that’s defined as the difference between the current Bitcoin market