The $BTC gravity is around 70K, but don't be fooled by the round numbers. If we dive into the cycle indicators, everything suggests that the party is far from over. Here's why we are still in the heating phase.

1. The Puell Multiple screams "Undervaluation"

With a Puell Multiple of 0.70, history shows us that we are closer to an opportunity zone than an excess. What many see as a distribution actually resembles a massive accumulation. This explains the strength of the price: even after the cooling of macro news (like the rally related to the ceasefire), Bitcoin does not falter.

2. Pi Cycle Top: A huge gap

The Pi Cycle indicator remains one of the best thermometers for detecting overheating. The conclusion is unequivocal:

• 111DMA: ~77K $* 350DMA x2: ~195K$

As long as these two curves do not converge, we are not in a "blow-off top" zone (final explosion). The rally still has a lot of room to breathe before I start considering an exit strategy.

3. Top indicators at 0/30

It's the most striking point: despite a price at its peak, the Market Cycle Top Indicators are at 0/30. This is a rare setup that proves the current rise is driven by real structural demand (ETFs, long-term HODLers) rather than irrational retail euphoria. The 60K–70K base has turned into a concrete floor.

💡 The verdict

The news may have served as a spark, but it’s the institutional capital that holds the floor. As long as the on-chain signals remain this clean, the direction remains the same: Up. Headlines may shake weak hands, but the indicators confirm we are in the middle of the race, not at the finish line.

#BTC #Crypto #BullRun #TradingAnalyse