$BTC Supporting factors for a SHORT bias:


• LTH (Long-Term Holder) is selling at a strong loss on the recent rebound (per CoinDesk). This is real supply from long-term holders.
• Overall SOPR remains below 1 (~0.99) → net loss-taking.
• The price is forming lower highs on the 1h and 4h timeframes after testing the 65.6k zone.
• The order book has bid pressure, but the price has not bounced strongly yet → demand is not truly strong.

Factors against a strong SHORT:
• The price is still in the fair value zone (MVRV ~1.21, low Z-Score).
• There is support from the macro backdrop (cooling inflation) and ETF flows recently still have days with inflow.
• The 63.5k – 64k area is a key demand zone; if it breaks, it would be very bad, but it has not broken yet.
BTC-0.19%
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