Introduction: Reassuring On-Chain Indicators Despite Price Decline
Bitcoin (BTC) has fallen below the $108,000 mark, but investors can take comfort: on-chain data and technical indicators reveal a resilient market configuration, suggesting new bullish movements are on the horizon.
According to CryptoQuant’s analysis, two key structural metrics, the Delta Cap and the Coinbase premium gap, continue to reinforce Bitcoin’s underlying strength. The Delta Cap, currently at $739.4 billion, has historically served as a cycle floor, while Coinbase’s positive premium of +11.6 suggests strong demand from American institutional investors.
Additionally, Bitcoin currently remains above the STH MVRV resistance. This level pushes short-term holders into the red and forces them to panic sell, which smart money can use as counterparty to accumulate.
Encouraging Technical Analysis Despite the Decline
Although Bitcoin’s price is moving close to a psychological support at $107,000, technical indicators point to short-term oversold conditions. The RSI near neutrality and a MACD in reversal phase suggest a potential rebound. A sustained rise above $110,000 could pave the way to $113,000 and then $118,000.
On the other hand, the support at $105,146 must be defended by the bulls. But the bullish RSI divergence on the 12H timeframe reinforces an imminent rebound. If BTC fails to break through the zone between $110,000 and $112,600, it could still fall to $106,000 before rebounding explosively.
Despite the recent price decline, on-chain signals and technical analyses demonstrate that Bitcoin maintains a solid foundation. With sustained institutional demand and encouraging technical indicators, investors can remain confident about the continuation of the medium-term rally.
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