📊 #Bitcoin : Strong demand, but the market isn't overheated yet

🟢 BTC$BTC Demand — 78%

🔴 #BTC Market Peaks — 66%

⚠️ Translation: demand is strong, but we're not in a mania phase yet.

Key metrics:

💥 MVRV Z-Score: 2.14

— Rising, but still below historical peak levels (above 3.5 means overheating)

💥 NUPL: 0.53

— Neutral-positive: more profit than loss, but no signs of euphoria

💥 LTH Realized Price remains below spot price

— Long-term holders aren't rushing to sell

💥 Realized Profit/Loss Ratio is mostly green

— Market participants are in profit, but not dumping yet

💡 Conclusion:

Bitcoin is in a healthy growth phase.

Historically, this yellow-orange zone signals mid-bull cycle — not the bottom, but not the top either.

#BTC Price Analysis# #Metaplanet