[CryptoQuant: Short-term on-chain profit margin hits highest level since December 2024, Bitcoin may face a pullback] According to The Block, CryptoQuant's Head of Research Julio Moreno stated in a report that Bitcoin's closing price last week was above the 365-day moving average, confirming the start of a new bull market. However, Moreno noted that after Bitcoin reached an eight-month high of $87,400, multiple indicators suggest that the upward momentum is weakening, and the market may subsequently experience a pullback. The report highlighted that the on-chain unrealized profit margin for short-term traders has climbed to 33%, the highest level since December 2024. Historically, when profit margins reach similar levels, it often prompts traders to take profits.