CryptoQuant Analyst: Bitcoin BP remains at a moderate level of 2.56, and caution is needed for the regular pullback risks in the rising trend.

ChainCatcher news, CryptoQuant analyst Axel Adler Jr tweeted that despite Bitcoin reaching an all-time high, the BPT indicator remains at a moderate level of 2.56, below the previous local high of 3.57. At the same time, the realized P&L ratio remains at an average level, indicating that the current market state poses relatively lower risks compared to previous overheated periods. Technically, the price is maintaining above the 4-year moving average and its two standard deviations, confirming the continuation of the upward trend. Analysts point out the need to be cautious of conventional pullback risks in an upward trend, while a BPT breakthrough of 3.0 could signal that the market is entering a later stage.