Bitcoin bounces to $76K, but onchain and technical data signal deeper downside

💡 DMK Insight

Bitcoin’s recent rebound might look promising, but the underlying technicals tell a different story. Weak on-chain signals and miner activity suggest that the bullish momentum could be short-lived. If miners are offloading their holdings, it indicates a lack of confidence in price stability, which could lead to increased selling pressure. Additionally, exchange flows are showing a trend that reinforces bearish sentiment, hinting that traders might be looking to cash out rather than accumulate. This could create a cascading effect, especially if Bitcoin breaks below key support levels. Watch for the $25,000 mark; a sustained drop below this level could trigger further selling and push prices down significantly. On the flip side, if Bitcoin manages to hold above this support and shows signs of recovery, it could attract buyers looking for a bargain. But right now, the risk of a deeper correction seems more pronounced. Keep an eye on miner behavior and exchange inflows as they could provide early signals of market sentiment shifting.