Bitcoin – Why BTC’s next move hinges on 3 KEY market forces

Key Points

1. Bitcoin (BTC) reached a new all-time high of $118,000, with Binance’s Net Taker Volume surpassing $200 million, a level not seen since February 2025.

2. The Miners’ Position Index (MPI) surged by 153.17% to 2.13, indicating increased miner outflows, which may signal potential selling pressure.

3. The Network Value to Transaction (NVT) Ratio dropped by 31.07% to 19.61, reflecting higher on-chain transaction volume relative to market cap, potentially validating the rally.

4. A dense cluster of short positions above $118K on the Liquidation Map suggests a potential breakout if BTC pushes higher, triggering forced liquidations.

5. Despite the price surge, exchange Netflow on July 12 remained modest, indicating cautious market participation.