CoinMeta Data: Glassnode and Coinbase Institutional jointly released the Charting Crypto report for the fourth quarter of 2026, stating that Bitcoin has entered a preliminary recovery phase from its bottoming out in the third quarter. They hold a relatively positive outlook for the fourth quarter, but caution is still advised in the short term. The report indicates that the BTC net unrealized profit and loss indicator ( NUPL ) has returned to the “optimistic/anxious” range, remaining below the threshold of the “belief/denial” phase for over a year. The BTC supply, which has not moved for an extended period, continues to increase. Long-term holders have largely maintained their positions during the rebound, while the return of new participants has driven an increase in recent active supply. The report also notes that as of the end of September, there are dense holding cost areas above the Bitcoin price, including the resistance zones that previously limited the upward momentum in September, while there are multiple support levels below.