BTC Monthly Support at $107.6K Marks Recovery: CryptoQuant
CryptoQuant analysis highlights a critical BTC monthly support level at $107,600, identified as the short-term holder realized price (STH RP). BTC currently trades around $110,700, well above both the STH RP and the overall realized price of $52,800, confirming a structural uptrend.
The NUPL indicator, at 0.53, signals broad market profitability without extreme euphoria. Higher time frames remain bullish, though the market is in a recovery phase and vulnerable to profit-taking. Holding the BTC monthly support at $107,600 is key to sustaining the uptrend. The lack of mania in the NUPL suggests further upside potential after consolidation.
Bullish
CryptoQuant’s identification of a firm BTC monthly support at $107,600 suggests a strong foundation for continued price appreciation. Historically, BTC holding above the short-term holder realized price led to new highs, as seen in the 2020–21 bull cycles. The current price level, well above both the overall and long-term holder realized prices, underscores a structural uptrend. The NUPL indicator at 0.53 indicates widespread profitability without extreme euphoria, reducing the risk of a market top. While the market is in a recovery phase and may see short-term profit-taking near support, the sustained bullish bias on higher time frames and room for further NUPL expansion point toward continued upward momentum in both the medium and long term.