CoinVoice has recently learned that CryptoQuant analyst Axel Adler Jr. stated that Bitcoin continues to retreat from its historical highs. The one-year MVRV Z-Score has fallen back to neutral territory, currently slightly below zero, indicating that unrealized profits on the network have been compressed compared to the one-year average, with more supply at breakeven or loss.

The key support level for Bitcoin is at the realized price of $106,000 for short-term holders. If the price falls below $106,000, short-term holders will be overall at a loss, putting the market at risk of a deeper correction.

A recovery signal would be the Z-Score continuously rising above zero, while the price reclaims $118,000. [Original link]