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Is Bitcoin due for a pullback? – THESE key datasets suggest…
Bitcoin’s network valuation outpaces activity as demand weakens and supply pressure rises.
Multiple on-chain metrics are signaling weakness beneath the surface, hinting at possible downside pressure. At press time, Bitcoin traded at $108,129.78, reflecting a modest 0.68% gain in the last 24 hours.
However, this uptick contrasts sharply with underlying on-chain weakness. The Apparent Demand metric, which measures the ability of new buyers to absorb supply from miners and long-term holders, has turned bearish once more. This shift highlights renewed distribution from experienced holders and miners, exposing Bitcoin to short-term downside risks amid fading organic demand and limited new capital inflow.
Rising miner profitability, coupled with a soaring NVT Ratio, could indicate growing sell-side pressure and possible overvaluation. Furthermore, negative DAA divergence raises concern that market strength is superficial and lacks fundamental support.
As the cryptocurrency trades above $108K, multiple on-chain signals suggest increasing weakness beneath the surface, potentially foreshadowing a pullback.
Source: ambcrypto.com
