Bitcoin is structurally bullish but still in short-term repair mode.

Bitcoin-is-structurally-bullish-but-still-in-short-term-repair-mode

Adjusted SOPR remains below 1, meaning coins are still being sold at a loss. This confirms that the recent drop triggered real distribution and emotional selling. The market has not fully transitioned back into a profit-taking regime yet.
However, Bitcoin continues to trade comfortably above its Realized Price (~$54.8K). Historically, as long as price holds above Realized Price, the broader bull structure remains intact. This is not a bear market configuration — it is a correction inside a macro uptrend.
The key trigger now is clear:
🔼 If aSOPR reclaims and holds above 1 → bullish continuation likely.
🔽 If aSOPR repeatedly rejects at 1 → consolidation or another downside sweep possible.
At the moment, data favors stabilization rather than collapse. The macro floor remains far below current price, limiting structural downside risk.
Base case: recovery phase forming.
Invalidation: sustained weakness below Realized Price.