On June 17, CryptoQuant analyst Axel Adler Jr stated that 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 may trigger some profit-taking, as long as this situation has not occurred, it remains a positive signal. The current price is trapped in the range of $110,000 to $104,000, and short-term holders still maintain confidence in future price increases. The market is still in a bullish trend, with overall valuations in a moderately overbought state, and short-term holders are showing strong interest. The high profit ratio of short-term holders means that there may be some investors taking profits as the price approaches $110,000, which could trigger a short-term pullback.' Indicator explanation: An MVRV Z-score value of 0 indicates neutral valuation, and ±1 represents extreme levels.

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