#CompartilheSuaOpiniãoSobreBTC Based on on-chain data from the last six months, the trend for Bitcoin this week is moderately optimistic, with potential to test the level of US$ 100.000 again, although there are short-term risks that deserve attention.
On-Chain Indicators Suggest Strategic Accumulation:
In the last six months, indicators such as the MVRV Z-Score and Value Days Destroyed (VDD) point to a typical accumulation pattern amid a bull cycle. After reaching a score of 3.36 at the peak of US$ 100.000, the MVRV Z-Score has retreated to 1.43, indicating a possible formation of a local bottom, similar to previous bull cycles in 2017 and 2021. Meanwhile, the VDD remains at low levels, suggesting that long-term investors are accumulating BTC in anticipation of future valuations.
Institutional Flow and ETFs Drive the Market:
The influx of institutional capital has been significant, with Bitcoin ETFs registering a net inflow of US$ 1.81 billion in the last week. Companies like BlackRock are leading this movement, contributing to the appreciation of BTC to around US$ 96.000.
Network Activity and Investor Participation:
Bitcoin network activity reached its highest level in six months, with 925,914 active addresses in a single day. This increase in participation suggests renewed interest from investors and may indicate the beginning of a new bull phase.
Short-Term Risks and Critical Levels
Despite the optimistic outlook, some analysts warn of potential short-term corrections. The Bitcoin Cycle Indicator Index (IBCI) has reached the distribution zone, suggesting the market may be approaching a cycle top.