CryptoQuant: BTC continues to cool down, key levels - 106,000.$ and 118,000$.

Analyst Axel Adler Jr. from #CryptoQuant points to the cooling of the asset after the ATH on August 14: the annual MVRV z-score has gone slightly below zero, i.e., the unrealized profit of the network has fallen to a "normal" level. More and more coins are hovering around the breakeven point or in a slight loss.

Support, according to the analyst, is the realized price of STH, which is around 106,000$. A downward breakout will translate STH into an aggregate loss and increase the risk of deeper declines.

Recovery signals that bulls need to see:

- a sustainable return of MVRV z-score above 0;

- a price consolidation above approximately 118,000$.

Let us remind you that the MVRV z-score (1y) is an indicator of overheating/cooling of profits in the network over the year. Above 0 - profits prevail, below 0 - pressure from "tired" holders is greater.

The realized price of STH is the average "cost price" of short-term holders (who bought 6 months ago or later).