- Bitcoin holds above $112K, maintaining its bullish structure despite softer miner demand.
- Trendline support near $107K remains crucial for sustaining momentum.
- NVT ratio decline signals healthier on-chain activity and reduced overvaluation risk.
- Open Interest expansion points to growing market positioning and potential volatility.
- Outlook remains cautiously bullish, with resistance at $117K, $122K, and $124K.
Bitcoin Holds $112K – Cautious Optimism as Trendline and On-Chain Metrics Align
Bitcoin (BTC) is holding steady above $112,000, showing resilience despite a slight dip in miner demand and network activity. While the market appears quiet, underlying indicators such as miner balance, the NVT ratio, and Open Interest suggest a cautiously bullish outlook.
Bitcoin Miner Balance Signals Moderating Demand
Bitcoin’s Miner Demand–Supply Balance has slipped 6% from its peak, now sitting at 60%. This indicates that while demand continues to outweigh issuance, the margin is narrowing.
At press time, Bitcoin trades at $112,306, reflecting a modest recovery. The miner balance drop suggests caution, yet it also shows that selling pressure is being absorbed. Importantly, demand hasn’t collapsed, keeping Bitcoin in a neutral-to-bullish zone.
Bitcoin Price Holds Above Trendline Support
BTC has consistently respected its ascending trendline, confirming strong support near $107,000. This level was retested and successfully defended, giving confidence to bulls.
Currently, Bitcoin trades comfortably above $112,000, within its Bollinger Bands, indicating a balanced recovery. Key resistance levels lie ahead at $117,000, $122,000, and $124,000.
Also Read: Bitcoin Price Outlook: Dip Buying Builds Support, but $93K Risk Looms
However, a break below $107,000 could push Bitcoin toward $104,000, potentially triggering stronger selling pressure. Thus, trendline defense remains essential.
NVT Ratio Reflects Healthier On-Chain Activity
The Network Value to Transaction (NVT) Ratio has dropped 12.26% to 26.90, highlighting healthier network utility relative to valuation.
This decline suggests that more value is being transferred across the network, reducing the risk of overvaluation. In turn, it builds stronger fundamental support for the market, balancing out miner demand concerns.
Open Interest Expansion Points to Volatility
Open Interest (OI) has surged to $42.15 billion, up 2.66%, reflecting renewed participation in the derivatives market. Both long and short positions are building, signaling heightened anticipation of future volatility.
While growing OI can drive confidence, it also increases the risk of liquidation cascades if momentum shifts quickly. Futures market activity will therefore play a critical role in determining BTC’s next major move.
Can Bitcoin Stay Bullish?
The broader outlook for Bitcoin remains cautiously bullish. Trendline support, a healthier NVT ratio, and expanding Open Interest all contribute to a constructive market environment.
Still, risks remain if miner demand continues to soften or if BTC fails to hold above its $107,000 support. For now, Bitcoin looks stable but remains sensitive to sudden market shifts.