Bitcoin Price Shows Bottom Signals Amid Growing Digital Gold Narrative

The Bitcoin price has recently been hovering around $63,362, showing little change over the past 24 hours. Over the last week, it has decreased by nearly 2%. Since reaching its record high of $126,080 in October, it has lost almost 50% of its value.

According to CryptoQuant, Bitcoin's adjusted Net Unrealized Profit/Loss (NUPL) data for long-term holders is currently negative and below the broader market average. Historically, this pattern has preceded major cycle bottoms, with long-term holders experiencing greater unrealized losses than the rest of the market.

MorenoDV, a CryptoQuant analyst, noted that at each major cycle bottom, long-term holders have been sitting on deeper unrealized losses than the broader market. He stated, 'The current structure fits that pattern.' However, analysts caution against calling a bottom just yet, as previous cycles have seen LTH aNUPL fall into much deeper and prolonged negative readings before reaching true lows.

In addition to this on-chain signal, Bitcoin's price behavior is also echoing gold's role as a safe-haven asset. The 90-day correlation between Bitcoin and gold has swung from nearly -0.9 in early 2026 to around +0.7, according to CryptoQuant CEO Ki Young Ju. He described the move as a return to 'digital-gold-era levels.'