CryptoQuant contributor Trader_Gemini analyzed that BTC's MVRV-Z Score (calculated by subtracting the realized capitalization (RV) from the coin's market capitalization and dividing the result by the standard deviation of the market capitalization) is maintaining above its 365-day moving average, continuing its long-term bullish structure. He explained, "After the MVRV Z-Score broke above the 365-day moving average, this moving average has served as a key support level in the bull market. While there is a possibility of a short-term correction, as long as it holds the 365-day moving average, it can be seen as a structure favorable for further upside. Conversely, if it definitively breaks below this line and fails to recover, it could be a major warning sign indicating a weakening of the long-term bullish structure."
