CryptoQuant: The key monthly support for BTC is $107,600, and the market is in a recovery phase

ChainCatcher news, CryptoQuant analyst Axel Adler Jr stated that on the monthly timeframe, BTC is currently priced at $110,700, slightly above the Short-Term Holder Realized Price (STH Realized Price) of $107,600. This level is regarded as a key monthly bull market support.

The overall realized price is $52,800, and the Long-Term Holder Realized Price (LTH RP) is $35,600. The current price is significantly higher than both, confirming a structural upward trend. In addition, the NUPL indicator stands at 0.53, indicating the market is broadly in profit, but has not yet reached the extreme levels seen in previous cycles.

The higher time frame (Higher TF) remains bullish, but the market is still in a correction phase and is relatively sensitive to profit-taking. The key reference point is the STH Realized Price of $107,000; holding this area will support the continuation of the upward trend. Currently, NUPL has not shown signs of final euphoria, suggesting there is still room for further gains after consolidation.