Bitcoin is consolidating near the $110,000 level while testing a critical resistance zone at $111,000, with whale inflows to exchanges plunging to a cycle low of $2.99 billion. This combination suggests potential for either a decisive breakout or short-term pullback, though underlying on-chain metrics continue to reflect sustained bullish momentum.
The NVT Golden Cross metric registers at 0.33, significantly below the 2.2 overbought threshold, indicating Bitcoin’s valuation remains anchored to actual network transaction volume. Despite Bitcoin’s Stock-to-Flow ratio declining 25% to 795,000, long-term supply scarcity fundamentals remain structurally intact.
Derivatives markets show reduced speculative pressure, with futures volume dropping nearly 30% and options volume falling 37%. Technical indicators reveal short-term overbought conditions as the Stochastic RSI exceeds 93, suggesting possible consolidation. However, the broader bullish trend persists across key market indicators.