Bitcoin is currently in a neutral market range, according to CryptoQuant analyst Axel Adler Jr. The analysis is based on the Bitcoin indicator distributed by realized supply, which assesses the cryptocurrency's price relative to the actual investment cost of all holders. This indicator shows that Bitcoin's current price is slightly above the average annual ratio level, similar to November 2024, when Bitcoin's price increased from $74,000 to $107,000. This suggests that Bitcoin is neither overbought nor oversold at present.