Analyst: When Bitcoin approaches $110,000, some investors may take profits, potentially triggering a short-term pullback.

It was reported on June 17 that CryptoQuant analyst Axel Adler Jr stated, "The MVRV Z-score is currently at a moderately positive level (+0.6), suggesting that the market has a certain amount of buying pressure without indicating signs of overheating. The ratio of short-term holders' profits remains at a high 83%, indicating that most short-term investors are currently in profit. Although this may trigger some profit-taking behavior, as long as such action has not occurred, it remains a positive signal. The current price is stuck within the range of $110,000 to $104,000, and short-term holders still have confidence in future price increases." The market remains in a bullish trend, with overall valuation being moderately overbought. Short-term holders are showing strong interest. A high proportion of profitable short-term holders implies that some investors may choose to realize profits when the price approaches $110,000, potentially leading to a short-term pullback." Indicator Explanation: An MVRV Z-score value of 0 indicates neutral valuation, while ±1 represents extreme levels.