I just found a VERY INTERESTING confluence for $BTC that perfectly reflects RETAIL PSYCHOLOGY.

When Bitcoin dropped from $120K to $80K, retail kept buying, signaling the COMPLACENCY PHASE that usually comes after euphoria, which was reflected in Short-Term Holder NUPL.
Then, after the initial bounce from $80K to $90K in December, almost everyone believed the bottom was in, so they kept buying again.
It was only after the January-February crash that they finally stopped.
This is why, even though BTC has formed LOWER LOWS compared with February, Short-Term Holder NUPL is now close to BREAKEVEN.
The key risk now is that over the next 2 weeks, investors returning to breakeven could create a SUPPLY WALL.
STH NUPL is one of the most important indicators to watch from here on the low-timeframes.