"Bitcoin (BTC) on-chain indicators positive... Bullish trend expected to continue for now"

On the 2nd (local time), cryptocurrency-focused media outlet Cointelegraph reported, citing data from on-chain analytics platform Glassnode, "Currently, the upper boundary of the short-term holders (STH) average acquisition cost channel for Bitcoin (BTC) stands at about $117,113. This range was only touched once back in May." The media added, "The Market Value to Realized Value (MVRV) indicator, one of the main on-chain metrics for BTC, suggests that Bitcoin has not yet entered an overbought region," and analyzed, "Considering both technical analysis and on-chain trends, there is a possibility that Bitcoin will retest the $117,000 level in the short term and the bullish trend is expected to persist for some time." Meanwhile, as of 06:46 on the 3rd, BTC is trading at $109,288.47 on the Binance Tether (USDT) market, up 3.29% from the previous day.