Bitcoin prices dip! – Assessing if BTC can defend KEY support

Key Points

1. Bitcoin's Perpetual-Spot Price Gap turned negative, indicating short pressure, with the price hovering around $113K and testing critical support levels.

2. The Parabolic SAR flipped bearish, and the RSI dropped to 44, suggesting potential downside targets near $105K or $100K.

3. Spot inflows rose with a Net Inflow of $32.56 million, contrasting previous outflows, possibly signaling hedging or rebalancing amid price weakness.

4. On-chain activity improved, with Active Addresses up 11.6%, New Addresses up 7.7%, and Zero Balance Addresses up 12.1%, offering a bullish counterweight to bearish trading patterns.

5. The $113K–$111K support zone is crucial; holding it could revive bullish momentum, while a breakdown may lead to further declines.