Bitcoin Regime Score hit Strong Bull (60) at $69.5K. The turn started Aug 17, before a $1.42B short squeeze amplified the breakout.

Net Taker Volume stays positive while Bitcoin open interest declines - buy-side demand without leverage. Watch for a break above $66.8K.

Bitcoin holds 1.30x the LTH cost basis in the Low Risk zone. Supply near ATH with minimal spending shows no distribution. Watch a $74K reclaim.

STH MVRV at 0.94 and SOPR near 0.996 show Bitcoin short-term holders underwater, not capitulating. Watch $59.3K support, a SOPR reclaim of 1.0.

Bitcoin UTXOs in Profit sit near local lows at 53%, while 30-day transfer volume has jumped 23% from its April low, above its yearly average.

Bitcoin miner fees sit near 2015 lows at 0.71% of revenue; hashrate is down 23% but holding. Watch a return above 1% for a regime shift.

Bitcoin volatility compressed to 3.8% and ADX fell to 11 - an extreme Bollinger Bands squeeze, no trend. Watch for band expansion, ADX above 20.

Bitcoin 0-3M holder NUPL is near breakeven while the 3-6M cohort sits at -0.14, its Realized Cap 69.6% below peak. Watch 3-6M to reclaim zero.

MVRV Z-Score at 0.41, below its 1.69 mean but above zero. BTC holds ~13% over the $57.6K cost basis. Lose it and $46.1K stress opens up.

LTH SOPR below 1.0 does not mean the entire long-term holder cohort is under pressure. The average LTH cost basis is $49.3K, while Bitcoin trades at $64.3K, so most of the cohort remains in profit. The main stress is now concentrated among STHs, whose cost basis is above the market price.