TechFlow reports that on August 14, CryptoQuant analyst Axel Adler Jr. tweeted that although Bitcoin's price reached a new all-time high, the BPT indicator remains at a moderate level of 2.56, below the previous local peak of 3.57. Meanwhile, the Realized P&L Ratio remains at average levels, indicating that current market risk is relatively low compared to previous overheated periods. Technically, the price continues to hold above the 4-year moving average and its two standard deviations, confirming the ongoing upward trend. The analyst noted that investors should remain cautious about normal pullback risks within the uptrend, while a BPT突破 above 3.0 could signal the market entering a later phase.
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