The main driving forces shaping the next steps of the Bitcoin market include:
- *Pressure from miners*: The Miners' Position Index (MPI) has surged by 153.17%, indicating that selling pressure from miners is increasing. This could be a sign that miners are looking to take profits after the significant rise in Bitcoin prices ¹.
- *On-chain activity*: The Network Value to Transaction (NVT) ratio has dropped significantly by 31.07%, suggesting that real money flow on-chain is increasing considerably. This could be a positive signal indicating that the price increase is supported by actual trading activity ¹.
- *Market sentiment*: Netflow into exchanges is quite cautious, with a slight negative of -9.22 million USD. This indicates that the accumulation trend is still being maintained, but the scale of withdrawals is no longer as strong as before ¹.
These driving forces are creating a complex picture for the Bitcoin market, and investors need to closely monitor them to make informed investment decisions.