Bitcoin’s recovery above $78,000 has sharply eased market selling pressure as key on-chain profit and loss indicators improved, CryptoQuant analyst Axel Adler Jr. said in a CoinNess analysis. The 90-day realized profit/loss ratio rose from 0.747 on Aug. 16 to 1.003 on Aug. 26, moving above the neutral baseline of one for the first time since late July, meaning the volume of coins realized at a profit over the past 90 days has started to exceed the volume sold at a loss. Net unrealized loss, or NUL, also plunged to 7.35% recently from 18.57% on Aug. 16. Adler said it is too early to conclude the bearish phase has fully ended, as the ratio remains near the baseline and the improvement needs to continue to confirm a clear trend reversal. The update follows a multi-day rally that briefly took bitcoin above $80,000 for the first time since May before a pullback under $79,000 after hotter July U.S. PCE inflation at 3.7% year-on-year, with CryptoQuant still framing a sustained close above $83,000 as official new-bull validation after its Bull Score jumped from 30 to 80 and markets awaiting Fed Chair Kevin Warsh’s Jackson Hole keynote.