According to CoinMeta, analyst Joao Wedson indicates that Bitcoin’s realized market value impact is approaching a positive region, which puts the market at a critical point. This indicator is significant for understanding Bitcoin’s capital flow, as it shows when on-chain capital begins to circulate more sustainably. Historically, when this indicator remains positive for at least two weeks, it has often been a meaningful bull market signal, indicating that new demand is entering the market and capital once again supports a broader market structure. However, it is worth noting that the first attempt at recovery is not always sufficient. At certain points in the past, the realized market value impact almost acted as a resistance. When this occurs, the market usually follows one of two paths: either it forms a higher low before continuing to recover, or it experiences another round of decline, as happened in 2018. Therefore, the coming days will be particularly important from the perspective of on-chain analysis. What we need to pay attention to is whether this recovery is confirmed by sustained capital flow, whether the indicator remains above zero, or whether new selling pressure will push it back below that threshold. If it can remain positive, this would be a very positive signal for Bitcoin’s cycle.