According to BlockBeats news on June 17, CryptoQuant analyst Axel Adler Jr stated, 'The MVRV Z-score is currently at a moderate positive level (+0.6), indicating that the market has some buying power, but there are no signs of overheating yet. The profit ratio of short-term holders remains high at 83%, meaning that most short-term investors are currently in profit. While this could trigger some profit-taking, as long as that hasn't happened yet, it remains a positive signal. The current price is stuck in the range of $110,000 to $104,000, and short-term holders still maintain confidence in a price increase in the future.
The market remains in a bullish trend, with overall valuation in a moderately overbought state, and short-term holders are showing strong interest. The high percentage of profits among short-term holders suggests that some investors may take profits when the price approaches $110,000, potentially triggering a short-term pullback.
Indicator Explanation: The MVRV Z-score value of 0 indicates neutral valuation, while ±1 represents extreme levels.
