The Realized Cap Impulse and Long Term Realized Cap Impulse have started to decline again after reaching a local resistance, signaling a weakening in realized capitalization momentum. This suggests that, although there was an increase in investor interest (likely driven by significant coin movements, indicating smart money influence), the current momentum did not sustain a significant shift in capital dynamics.

This reversal indicates a more cautious market sentiment, potentially leading to price stabilization or even downward pressure on Bitcoin in the short term. The decline in these indicators also reinforces the idea that the market is not in a euphoric stage, which often precedes major corrections or profit-taking events.

Furthermore, it is important to note that the values have not yet reached the peaks observed in previous cycles, such as in 2017 and 2021. This suggests that the market may be in an intermediate stage of recovery or accumulation, with no clear signs of a cycle top. This can be interpreted as a scenario where the risk of new highs remains limited, and the potential for future opportunities persists.