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Bitcoin's recent price correction after surpassing $108,000 has sparked discussions about the market's trajectory. Despite concerns of a prolonged correction similar to earlier this year, key on-chain indicators suggest optimism. The Adjusted SOPR, using a 7-day SMA, is above 1 but declining, indicating reduced profits. Historically, a drop below 1 often precedes a rebound, aligning with bull market trends.

The Miner Position Index shows no mass Bitcoin sales by miners, indicating confidence. Declining network fees suggest reduced on-chain activity, cooling market conditions. Funding rates have also turned downward, with potential for rebounds during negative periods. Overall, on-chain data supports a continued bull market, with current trends reflecting a cooling phase rather than a peak. Investors should remain strategic and disciplined amidst short-term volatility.