According to a chart published by CryptoQuant analyst @AxelAdlerJr, Bitcoin (BTC) is currently retracting 12.8% from its all-time high (ATH). In this bull market, pullbacks after local peaks are mostly concentrated in the -10% to -18% range, while deeper pullbacks usually extend to -20% to -30%. The current -12.8% retracement is closer to the moderate zone, which is consistent with the repair/consolidation phase rather than a full-blown sell-off.