Analyst: Some investors may take profits as Bitcoin approaches $110,000, triggering a short-term pullback

On June 17, on-chain analysts 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-taking 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 stuck in the range of $110,000 to $104,000, and short-term holders still maintain confidence in the upward trend. The market is still in a bullish trend, and overall valuations are moderately overbought, with short-term holders showing strong interest. The high profit ratio among short-term holders suggests that when the price approaches $110,000, some investors may take profits, leading to a short-term pullback.' Indicator Explanation: An MVRV Z-score value of 0 indicates neutral valuation, while ±1 represents extreme levels.