PANews reported on September 4th that CryptoQuant analyst Axel Adler Jr. stated that BTC's current monthly price is $110,700, slightly above the short-term holder realized price (STH Realized Price) of $107,600, a level considered a key monthly bull market support level. The current price is significantly higher than the overall realized price of $52,800 and the long-term holder realized price (LTH RP) of $35,600, confirming a structural upward trend.

Furthermore, the NUPL indicator, at 0.53, suggests widespread profit-taking, though not yet reaching the extreme levels of previous cycles. Higher timeframes (LTFs) remain bullish, but the market remains in a correction phase and sensitive to profit-taking. A key reference point is the STH realized price of $107,000; holding this area would support the continuation of the uptrend. Currently, the NUPL has shown no signs of a final frenzy, suggesting further upside potential after consolidation.