BTC long-term bullish structure remains intact, upside still possible

Bitcoin’s MVRV Z-score has remained above its 365-day moving average, preserving a long-term bullish structure, according to a CryptoQuant analysis by contributor Trader_Gemini. Trader_Gemini said the 365-day moving average has historically served as a key support level in bull markets after the MVRV Z-score breaks above it. While a short-term pullback remains possible, the structure still favors further gains as long as the indicator holds above the 365-day average, the analyst said. A clear break below that level without a recovery, however, would be a major warning sign that the long-term bullish structure is weakening.