Bitcoin has entered a clear consolidation phase after breaking above its all-time highs two weeks ago, and the market is now at a critical juncture. While the rally to new records fueled optimism, the momentum has since slowed, with bulls struggling to hold key support levels. Analysts warn that if buying pressure does not strengthen soon, BTC could correct below the $105,000 mark, a level many are watching as the next decisive test.

According to fresh data from CryptoQuant, the cycle and volatility-adjusted MVRV currently stands at 39%. This metric, which compares Bitcoin’s market value relative to realized value while accounting for volatility, reflects a neutral balance between risk and reward. Historically, readings near this zone suggest the market has cooled from overheated extremes

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