Bitcoin Market Update—Reset With Strength Building

The market has absorbed a sharp reset without breaking its higher-timeframe structure. On-chain heat is cool, macro liquidity is quietly rising, and distribution from early cohorts is broadening ownership. That’s the recipe that fuels the next advance—never comfortable, often decisive.

Executive Summary

• Trend: Weekly uptrend tested but intact; the selloff tagged the mid/low Bollinger area near the rising 50-week SMA, where buyers showed up.
• Valuation: MVRV Z-Score and Puell Multiple remain far from historical blow-off zones—this reads mid-cycle, not late.
• Macro: DXY ~99–100 is a tactical headwind; M2 ~22.3T is a structural tailwind.
• Network: Security remains formidable (hash >1,060 EH/s 90-day), issuance ~0.84–0.9%/yr, fees subdued — mechanics of scarcity are working.
• Ownership: Continued distribution from OG cohorts into new hands is healthy—wider base, stronger floors.

Price Structure: Weekly and Monthly