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

BlockBeats News reported on June 17 that CryptoQuant analyst Axel Adler Jr stated, "The MVRV Z-score is currently at a mild positive level (+0.6), indicating that the market has some buying pressure without showing signs of overheating. The short-term holder profit ratio remains at a high 83%, suggesting that most short-term investors are currently in profit. While this may trigger some profit-taking, as long as such action has not occurred, it remains a positive signal. The current price is stuck in the $110,000 to $104,000 range, with short-term holders still holding confidence in future price increases."

The market remains in a bullish trend, with overall valuation moderately overbought. Short-term holders are showing strong interest. A high proportion of profitable short-term holders implies that some investors may realize profits when the price approaches $110,000, potentially causing a short-term pullback."

Indicator Explanation: An MVRV Z-score value of 0 signifies neutral valuation, while ±1 represents extreme levels.