It means that at every ATH people are either struggling to have belief or denial that, "how come the price is so much?", Ï guess it's gonna fall now? May it will go up, sort of feelings are there.

Im not sure if I am exploring the above chart in correct way but that's what it feels to me.

This is more or less "bulls" and "bears"are fighting against each other.

One positive thing to notice, there is no greed or euphoria of the market at all. This might indicate that people are jumping straight into the bitcoin with no second thoughts and acquiring it as future investment.

The graph so tells us, bitcoin gonna move up further for sure.

---

Well, overall what does NUPL suggests us about bitcoin?