Analyst: If BTC Falls Below Short-Term Holder Cost of $106,000, a Deeper Correction May Follow
According to ChainCatcher, CryptoQuant analyst Axel Adler Jr stated that Bitcoin continues to retreat from its historical highs. The one-year MVRV Z-Score has dropped to near neutral, currently slightly below zero, indicating that unrealized profits on the network have compressed compared to the one-year average, with more supply now at breakeven or in a loss position.
The key support level for Bitcoin is at the realized price of short-term holders, $106,000. If the price falls below $106,000, short-term holders as a whole will be in a loss position, and the market faces the risk of a deeper correction.
A recovery signal would be the Z-Score consistently rising above zero, along with the price reclaiming the $118,000 level.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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