Zizcrypto
BTC: Elevated Z-Score Signals Normalization, Not a Bottom
Bitcoin remains above Realized Price (~$54.1K), while the volatility-adjusted premium (z-score) remains firmly positive at ~+11. For comparison, during the June 2022 bottom formation, z-score declined to –4 as price traded below Realized Price, marking a clear phase of market stress. Current conditions therefore reflect a reduction in excess rather than a transition into deep stress. At the same time, the Market Heat Score bottom signal is not present. In prior cycles, accumulation phases formed only when deeply negative z-score aligned with a clear Market Heat bottom signal. That alignment is not present yet. Source: CryptoQuant