Analyst: Some investors may take profits when Bitcoin approaches $110000, triggering a short-term correction

According to BlockBeats, on June 17th, CryptoQuant analyst Axel Adler Jr posted that "MVRV Z-score is currently at a moderate positive level (+0.6), indicating that the market has some buying power, but there are no signs of overheating yet. The short-term holder profit ratio remains at a high 83%, which means that most short-term investors are currently in a profitable state. Although this may trigger some profit taking, as long as this situation has not yet occurred, it is still a positive signal. The current price is trapped in the range of $110000 to $104000, and short-term holders still maintain confidence in future price increases. The market is still in a bullish trend, with overall valuations in a moderately overbought state, and short-term holders showing strong interest. A high proportion of profits for short-term holders means that some investors may take profits when the price approaches $110000, leading to a short-term correction. '' Indicator explanation: A MVRV Z-score value of 0 indicates neutral valuation, while ± 1 represents extreme levels.