Honcheen CryptoQuant platform specialist Julio Moreno has linked the current state of the bitcoin market to three key points: an undervaluation of the asset, a lessening of global economic pressure, and increased interest in open-ended futures contracts. Since early April, the first cryptocurrency has gained more than 20%, rising above $80,000. However, this rise triggered a profit-taking wave: over the last 30 days, holders recorded a net income of about 20,000 Bitcoin. For comparison: in February-March, losses amounted to 398,000 coins.

Moreno called the shift in profit losses a "structural tipping point." However, a full-fledged bull trend is still far away - a historically stable turnaround requires a gain of 130,000 to 200,000 Bitcoin, and the current figures are much more modest. In addition, unrealized profits are rising (now around 18% versus minus 29% at the beginning of spring), which traditionally raises the risk of a downward adjustment.

The downfall was constrained by stable demand: high activity in the open-ended futures market and low volume of coin inflows on exchanges. In the analyst’s view, the price is moving under a noticeable downside risk, but the market has not yet entered the mass distribution phase and reached the final sell-off peak.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.