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  • Bitcoin stays resilient at $107K as MVRV at 0.6 and 83% STH Breadth show strong investor conviction and limited overvaluation signs.
  • Macro data from 2022 to 2025 confirms Bitcoin’s bullish recovery cycle, with realized price and STH Breadth both steadily climbing.
  • With most short-term holders in profit and MVRV neutral, the market may face brief corrections but retains bullish structural strength.

According to analyst Axel, Bitcoin shows strength, hovering near $107,100 with bullish support from on-chain indicators. The MVRV Z-score stands at 0.6, suggesting moderate valuation without signs of overheating. Meanwhile, Short-Term Holder (STH) Breadth is at 83%, indicating most recent buyers are in profit. This combination reflects growing confidence from investors, even as BTC remains range-bound between $104K and $110K. Importantly, market structure supports continued upside, though high profit margins could trigger temporary sell pressure near resistance.

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Macro Cycle Data Validates Bull Market Momentum

Between July 2022 and April 2025, Bitcoin showed a clear recovery-to-rally cycle. Price action fell from $30K to $15K in late 2022, during which MVRV Z-score entered deep negative territory. STH Breadth dropped to 0%, signaling extreme capitulation. However, Bitcoin began recovering from $15K in late 2022. MVRV values returned to neutral levels, and STH Breadth started rising again.

2023 marked a strong rally. Bitcoin climbed from $20K to $45K, with MVRV readings staying above 0.6. STH Breadth peaked at over 75% multiple times, indicating renewed conviction. Although BTC consolidated between $25K and $45K mid-2023, realized price kept trending higher. MVRV fluctuated between -0.4 and 1.2, showing moderate corrections but no severe downturns.

Breakout to ATH and Current Market Setup

Bitcoin hit new highs in late 2023, breaking out toward $70K. STH Breadth approached 100%, and the MVRV Z-score exceeded 1.0. This demonstrated limited selling and a high bullish conviction. Bitcoin reached fresh all-time highs above $100,000 in 2024 and early 2025. This momentum was followed by the realized price, which increased to $47.4K.

Currently, the MVRV Z-score remains stable at 0.6. STH Breadth around 80% signals that most short-term participants still expect further gains. Consequently, the market remains in a bullish phase, though short-term corrections near $110K are possible.

Moreover, the green zone on historical MVRV charts signals potential buying opportunities. Conversely, the red zone warns of overvaluation and possible distribution. However, Bitcoin now trades in a balanced range—positioned between these extremes. Hence, continued accumulation remains a viable strategy unless sentiment shifts.

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