Bitcoin: Examining if BTC will struggle to stay above $100K

Key Points

1. Bitcoin's exchange volume momentum has declined since early June, with the 30-day average dropping to $5.9 billion, just 7% above the yearly average.

2. Despite momentary inflow spikes, the broader trend shows sustained negative exchange outflows, indicating potential whale disinterest.

3. Bitcoin’s Network Value to Metcalfe (NVM) Ratio surged 14.14% to 2.76, signaling potential overvaluation based on network usage.

4. BTC’s price and Daily Active Addresses (DAA) show a growing divergence, suggesting weak on-chain support for the current price level.

5. Mounting on-chain weaknesses and declining user activity raise concerns about Bitcoin's ability to sustain prices above $100K without stronger fundamentals.