Bitcoin’s invisible resistance isn’t price: It’s THIS on-chain imbalance
Main Idea
Bitcoin's price rally shows strength from whale outflows and valuation gains, but conflicting on-chain signals such as weak network activity and long-term holder selling raise concerns about sustainability.
Key Points
1. Bitcoin's rally gains momentum with whale outflows and valuation gains, but 1-month puts trade at a +4.6% premium, indicating mixed market sentiment.
2. Exchange Netflow surged by +10.32% despite remaining negative at -11.19K BTC, a behavior typical in bullish environments.
3. Network activity remains weak, with the DAA Divergence indicator showing persistent red bars at -250%, signaling a misalignment between price and user activity.
4. Supply-Adjusted Coin Days Destroyed (CDD) rose by 4.72%, suggesting increased selling by long-term holders, which could be bearish for momentum.
5. The NVT ratio fell sharply by -28.79%, indicating improving valuation and stronger on-chain utility, which historically supports sustainable rallies.
Description
Bitcoin’s rally gains momentum, but conflicting on-chain signals raise questions about its sustainability.
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