Bitcoin has just surpassed the $108,000 mark, after which the price adjusted slightly. Although many do not see this as the end of the bullish cycle, concerns about a prolonged adjustment phase are increasing.

- The SOPR adjustment (7-SMA) is above 1 but decreasing, indicating reduced profits. When SOPR is below 1, Bitcoin often rebounds due to loss selling triggering a reversal.

- The MPI index shows that miners are not selling en masse, holding Bitcoin as an asset. However, small retail sales for operational costs continue.

- Network fees are decreasing, indicating reduced on-chain activity, and the market is cooling down.

- The funding rate is decreasing, and Bitcoin typically recovers when this rate drops significantly.

Data shows that the bullish market is still ongoing; the current phase is cooling rather than a cycle peak. Investors should maintain a disciplined strategy and avoid market noise.