Bitcoin has topped $108,000, but has since corrected. Most market participants do not consider this to be the end of the bull cycle, although there are concerns about a possible prolonged correction, as in March.

Let’s analyze the market using key on-chain indicators. Adjusted SOPR (7-SMA) is above 1, but is falling, indicating a decrease in profits. Historically, when SOPR drops below 1, Bitcoin often recovers.

The Miner Position Index (MPI) shows that large mining companies are holding Bitcoin, although periodic sales to cover costs continue.

Total network fees are decreasing, indicating a decrease in activity and a cooling of the market.

Funding is also decreasing. If this trend continues, a new rebound is possible.

On-chain data suggests that the bull market is ongoing, and the current phase is more of a cooling than a peak of the cycle. Investors should take a strategic approach.