Bitcoin Trapped in the Indecision Zone: What Do On-Chain Data Say?

CryptoQuant analysts have already made their verdict: the Bitcoin market is in a neutral-bearish territory, and the numbers don’t lie. Both the price and derivatives flows are below 50, indicating that major players aren’t heavily betting in any particular direction.

Zooming in on what this means:

Current Scenario

• The receiver flow is weak or negative, so any rebound we see will likely be more of a technical mean reversion than a true trend reversal.
• The most probable target: between $113,000 and $115,000, which is a fair value zone and the 30-day moving average.
• However, this would only be a short-term response, not the start of a sustained rally.

When Does the Game Change? For the market to turn truly bullish, two things need to happen simultaneously:

1. Capital flow > 55 (indicating real risk)
2. Price index > 50 (confirmation on charts)

Until then, BTC will keep bouncing off the same support levels over and over.

The Reality: Don’t fall asleep thinking the bottom is already in. On-chain data suggest caution. The game has not yet declared a winner.