Bitcoin may slip further as NUPL signal shows no clear bottom yet

A CryptoQuant analyst notes that Bitcoin’s Net Unrealized Profit/Loss (NUPL) indicator is at 0.158, above its 30‑day moving average and still above the zero line of the 100‑day EMA that historically signals a market bottom. Past cycles show a bottom when the 100‑day EMA drops below zero, which has not happened yet, implying the cryptocurrency could face additional correction even though recent dips have been shallower.

Coindesk reports mixed inflation signals in the United States: bond market breakeven rates have fallen, suggesting less pressure for further Fed hikes, while consumer‑expectation surveys show rising inflation outlooks. Rising geopolitical tension between the US and Iran has pushed oil prices up about 5%, adding pressure on risk assets. Bitcoin retreated to around $62,000 as traders await the Fed’s June meeting minutes, with analysts warning that a hawkish tone could trigger leveraged unwindings.