🔥 The market continues to pull back from the ATH level.

The 1-year MVRV Z-Score has gradually decreased to a neutral level and is currently slightly below 0, indicating that the unrealized profits of the network have shrunk compared to the 1-year benchmark, with a large amount of supply fluctuating around break-even or losses.

The key support level is at the Realized Price STH of $106,000. Falling below $106,000 will lead to total losses for short-term holders and increase the risk of a deeper decline.

A recovery signal will be sustained growth of the Z-Score back above 0 along with prices reclaiming the $118,000 level.