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The 14-day average of Realized Profit/Loss Ratio is the ratio between all coins moved at a profit and a loss.
The current value of this indicator is around 0.8, signifying a slightloss in the market. The long-term chart shows two bullish retests of this level in the previous two cycles (green circles).
In the 2012-2013 cycle, the first retest took place before the first peak and the second after it. In the 2016-2017 cycle, both took place more or less in the middle of the bull market. This was before the main phase of growth but also before the breakthrough of the previous ATH, that indicate that we are in a middle of a BitcoinBullRun.
Bitcoin surpassed $40,000, and the total number of accumulation addresses reached 545,115, rising to ATH for seven consecutive days, indicating that long-term investors are buying bottoms.