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 BTC is currently priced at $110,700 on a monthly level, slightly above the short-term holders' realized price (STH Realized Price) of $107,600, which is considered a key monthly bullish support level.

The overall realized price is $52,800, and the long-term holders' realized price (LTH RP) is $35,600. The current price is significantly above both, confirming a structural uptrend. Additionally, the NUPL indicator is at 0.53, indicating that the market is in a broadly profitable state but has not yet reached the extreme levels of previous cycles.

Higher time frames (Higher TF) remain bullish, but the market is still in a repair phase and is 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 increases after consolidation.