Analyst: Bitcoin showing signs of bear-to-bull market shift

Crypto analyst Murphy (@Murphychen888) suggested on X that Bitcoin (BTC) is moving out of its bear market, pointing to the Net Realized Profit/Loss (NRPL) indicator recovering above zero. An NRPL reading above zero indicates that overall realized profits in the market are exceeding realized losses, while a reading below zero suggests investors are selling at a loss. Murphy referenced a historical three-stage cycle: a deepening bear market, the end of capitulation, and a transition from bear to bull market. He explained that the current market's behavior is similar to the transition phase that follows a deep bear market. He added that this cycle is notable because the NRPL has recovered quickly without an extreme capitulation phase. Additionally, the BTC price has broken through the STH-RP and TMMP resistance levels.