Notably, Bitcoin is trading just under $120K, following a steady climb since early June. The synchronization among small and large holders suggests broad confidence in BTC’s trajectory. Therefore, this unified accumulation phase might serve as the foundational force behind the next explosive price move if sentiment and momentum persist.

Bitcoin’s stock-to-flow (S2F) ratio has jumped 37.5% to 795.8K, pointing to heightened scarcity. Historically, elevated S2F readings have preceded bullish phases due to increased perceived value. This aligns with accumulation signals, strengthening the narrative of long-term holding over short-term speculation.

As a result, this scarcity surge could further catalyze bullish momentum—especially if demand sustains while supply remains constrained. Although not yet a dominant trend, it introduces caution into the otherwise bullish structure. Traders may interpret this as a sign of near-term profit-taking, especially with BTC hovering below major resistance.

The MVRV ratio has reached 147.63%, showing that the average BTC holder remains in profit. Historically, elevated MVRV levels signal a higher probability of profit-taking, as investors may begin to offload holdings. However, despite this profitable positioning, conviction appears strong given the concurrent accumulation and rising S2F ratio. Still, if prices push closer to $120K without consolidation, short-term holders could realize gains. Thus, this metric suggests a delicate balance between confidence and the lure of realized profits.