Evaluation of Bitcoin's Value: Extended Adjustment Likely for BTC Following Recent Decline

Bitcoin is showing signs of a prolonged correction after facing rejection in the $111K zone. Technical and on-chain indicators suggest a potential pullback or consolidation phase. Despite this setback, the overall structure remains bullish, with Bitcoin still holding above crucial moving averages and trendlines.

The 30-day exponential moving average of Bitcoin's Adjusted SOPR suggests coins moving on-chain are doing so profitably, reflecting increased investor confidence. However, the market may be entering a sensitive phase, as a rapid rise in the aSOPR often precedes local tops as short-term holders rush to realize profits.

The future of Bitcoin's price could depend on whether it remains above the $91K demand zone and how it reacts to a fair value gap between $101K and $98K.