The Net Realized Profit/Loss (NRPL) indicator has rebounded above zero, signaling a recovery in market profitability, according to analyst Murphychen. This development suggests new capital is entering the market, absorbing previous profit-taking. Bitcoin has also surpassed key resistance levels, indicating a shift in market dynamics. Murphychen notes that the current market phase is transitioning from a deep bear market to a bear-to-bull period, bypassing the typical "Stage 2" of market cycles. Despite potential short-term disruptions, the long-term outlook for 2026 suggests the start of a unique bear market cycle.