Bitcoin’s price eyes new ATH – But THIS gap could slow BTC’s rally

Key Points

1. Bitcoin's Z-Score is at +1.5σ, indicating strong momentum but below the +2.5σ 'overheating' threshold, leaving room for further upside.

2. The Miners’ Position Index (MPI) at -0.46 shows miner outflows below the yearly average, suggesting reduced selling pressure and market support.

3. Bitcoin's Stock-to-Flow (S2F) ratio surged 75% to 1.5923 million, reinforcing its scarcity narrative and potential for bullish momentum.

4. On-chain activity improved with new addresses up 25.47% and active addresses up 11.11% in a week, but network activity still trails price performance.

5. The Activity–Price Divergence (APD) remains at -1.5, indicating a gap between price and network fundamentals that could impact the rally's durability.