Bitcoin recently experienced a price correction after surpassing $108,000, raising concerns about a potential prolonged correction phase. However, key on-chain indicators suggest a different narrative. The Adjusted SOPR, using a 7-day SMA, shows a downward trend but remains above 1, indicating decreasing profits. Historically, a SOPR drop below 1 often triggers a rebound, aligning with bull market patterns.

The Miner Position Index, also analyzed with a 7-day SMA, shows no mass transfers to exchanges, suggesting miners are holding Bitcoin. Declining network fees indicate reduced on-chain activity, signaling a cooling phase. Despite downward funding rates, Bitcoin has rebounded from similar scenarios before.

Overall, on-chain data supports the continuation of the bull market, with the current phase likely a cooling-off period rather than a cycle peak. Investors are advised to maintain a strategic approach amidst short-term volatility.