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

BlockBeats News, on June 17, CryptoQuant analyst Axel Adler Jr posted, “The MVRV Z-score is currently at a mildly positive level (+0.6), indicating that the market has some buying power, but there are no signs of overheating yet.” A high percentage of short-term holders’ profits of 83% means that most short-term investors are currently profitable, which may trigger some profit-taking, but as long as this has not happened, it is still a positive sign. The current price is stuck in a range of $110,000 to $104,000, and short-term holders remain confident that the market will rise in the future. The market is still in a bullish trend, with overall valuations moderately overbought, and short-term holders showing strong interest. The high percentage of short-term holders’ profits means that some investors may take profits when the price is close to $110,000, triggering a short-term pullback." Indicator Explanation: MVRV Z-score value 0 indicates a neutral valuation, and ±1 represents an extreme level.