Bitcoin is holding the line — but the cracks are starting to show.
On the surface, price is defending the $66,550 region. But beneath that support, on-chain data is flashing caution.
According to NS3.AI, structural stress is building:
• Network activity is cooling
• Realized profit/loss ratios are compressing
• Capital rotation is slowing
This isn’t panic — it’s exhaustion.
When activity declines while price hovers near resistance, it often signals a market running on fumes rather than fresh inflows. Momentum without participation rarely sustains.
The key levels now?
$71,693 and the 20-day EMA.
If Bitcoin can reclaim and hold above those zones, bulls regain control and the bear market narrative fades.
Fail to break them decisively — and this turns into a distribution phase.
The next move isn’t just about price.
It’s about whether capital is willing to rotate back in — or step aside.
Stay sharp. The structure matters more than the headline.
