#Bitcoin has stalled after the recent breakout above the $67k resistance. Last week's price increase peaked at $72,000 on May 21, but has since fallen 5.7%, trading at $67,800 at press time.
A recent report highlighted growing demand for Bitcoin-backed investment products, with the majority of capital inflows originating from the United States.
The recent decline has dampened short-term bullish sentiment, suggesting that bulls may not yet be ready to break above the $71,500 mark. However, the long-term outlook remains positive. According to one metric, we are only halfway through the current bull run.
Bitcoin's bull run still has some fuel left
Cryptocurrency analyst Axel Adler used $BTC 's MVRV Z-score to illustrate that the current cycle is only halfway complete in a post on X (formerly Twitter). This metric evaluates whether Bitcoin is overvalued or undervalued by comparing the market price to its fair value.
MVRV stands for Market Value to Realized Value, which compares the market capitalization of an asset to its cumulative capital flows. When the former significantly exceeds the latter, it indicates a potential peak.
The MVRV Z-Score compares the difference between MVRV and the standard deviation of Bitcoin's market capitalization. In previous cycles, an MVRV-Z score of 7 or higher marked the peak of the cycle. This time, the index rose to a high of 3.07, indicating the possibility of price increases in the coming months.
Long-term holders have shown strong resolve over the past two months
BTC holders with funds six months old or older showed significant activity on February 28. The 3-6 month age group was particularly active, showing profit-taking behavior.
Similarly, over the past two months, those holding for a period of 1-3 months have been relatively active in the market, with a notable sell-off on May 21 when the price rose above $70,000. However, most of the old holding groups did not engage in strong selling on exchanges in April and May. This restraint may be due to expectations of a post-halving price increase, which is still widespread. .
