Macro Uncertainty Meets Market Balance in Bitcoin’s On-Chain Activity

Bitcoin kept the stability of more than 104 thousand dollars, as the quiet summer months usually bring the wrong activity and reduce fluctuations through the encryption market.

However, this unification of prices appears to reflect a balanced market as the scales on the chain do not indicate the lack of excessive profit or aggressive accumulation.

The achieved profits remain defeated

The 7 -day moving average for the achieved profits indicated that the profit achievement activity remains defeated, with less numbers to update.

Even during Bitcoin rising to the highest new level ever earlier this year, the achieved profits failed to match the peaks seen in January 2025. This was an indication of the lack of urgency among investors to exchange. This limited pressure contributed to the current standard of monotheism and pointed to an optimistic feeling with caution.

However, what prevents the strongest bullish collapse is the apparent weakness in demand. The newly released supply ratio appears to the inactive supply (inactive for more than a year) demand. Although it is still positive, it has decreased steadily since a local rise in May.

It usually reflects a higher level of zero as a healthy demand, but the gradual decrease indicates that the purchase interest is cooled. Nevertheless, the demand remains sufficient to absorb the current sale pressure, making the market stable.

In general, it appears that Bitcoin is in a state of balance, as it compensates for moderate profits and the demand is slowly declining from each other – an environment that supports monotheism rather than a sharp directional step in the near term.

While the activity on the chain reflects a balanced market, feelings of feelings began to tend to drop.

A classic, contradictory purchase sign appears

Another Santime Data Retailing height appears bearish Feelings towards Bitcoin. Interestingly, this trend often indicates a potential recovery.

Currently, there are only 1.03 emerging comments for each of the landing-levels that have not been seen since April 6, when fear reached its climax amid the primary market interactions related to tariffs. Historically, such negative feelings preceded the merchants of escalating price movements, as the markets tend to act on the opposite of retail expectations.

The similar fear in early April represents a strong purchase opportunity, indicating that the current conditions can provide a frequent preparation for the encryption bulls