Bitcoin’s trading value is 108,129.78 USD, showing a minor gain of 0.68% over the last 24 hours. However, several on-chain metrics reveal weaknesses, suggesting a downward trend may be imminent.
Indicators like a negative Apparent Demand and a spike in miner profitability at 25.73% reflect excess selling pressure, while the NVT Ratio has surged by 84.17%, highlighting potential overvaluation.
With over 98.82% of UTXOs profitable, the lack of buying incentives from holders could weaken market support. Furthermore, a recent net inflow of 57.5 million USD may indicate a shift towards distribution rather than accumulation.
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