Bitcoin’s unrealized loss ratio fell to 35.2%, dropping below the historical 40% threshold after peaking at 42.2% in late June. The Mayer Multiple indicator reached 15.77 on July 2nd, its third time below the 20 threshold since February, signaling a prolonged accumulation period and potential market bottoms. The MVRV Z-score is approaching 0.36 and SOPR remains near 1, indicating reduced forced selling. For a sustainable rally, Bitcoin needs increasing realized market capitalization, continued exchange outflows, and steady ETF inflows.
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