Bitcoin's On-Chain Metrics are Getting Interesting (And Here's What I'm Watching)

On-Chain Data Report

Yesterday was wild - Bitcoin dropped all the way down to $101k after news hit about U.S.–Israel airstrikes on Iran's nuclear sites.

I've been talking a lot about a double top and looking for Bitcoin to have a bigger pullback, but the big question remains: is this cycle actually over? That's exactly why I like to dig into the on-chain data.

This recent pullback landed close to where my models suggested it might, corporate buyers are still active in the market, and the on-chain data is showing some interesting patterns that remind me of previous cycle transitions.

So while everyone's debating whether we're in a correction or continuation, the smart money seems to be positioning carefully for what comes next. The key levels I'm watching will help determine whether we see another push higher toward $120K+ in the coming weeks or if this pullback has more room to develop first.

This analysis covers:

• The three critical support levels that just saved Bitcoin (and why they matter)

• Why yesterday's $370M liquidation event was actually bullish

• The corporate buying frenzy that's removing 8% of Bitcoin's total supply

• On-chain metrics showing we're in a healthier position than previous peaks

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