Bitcoin – How THIS price zone could decide BTC’s next rally

Key Points

1. Bitcoin's Perp Funding Rates have fallen below 0.1%, indicating reduced speculative activity on exchanges like Binance, OKX, and Bybit.

2. The Network Value to Metcalfe (NVM) ratio dropped by 18.07%, suggesting Bitcoin may be overvalued from a network fundamentals perspective despite price growth.

3. Spot exchange outflows of $113.32 million on August 8th indicate accumulation behavior, reflecting long-term confidence in Bitcoin.

4. The $116K–$118K liquidation zone is a critical resistance band where aggressive leverage positions could be liquidated, influencing Bitcoin's next price movement.

5. A breakout above the $116K–$118K zone could renew bullish momentum, while a rejection may lead to short-term caution.