Bitcoin's Rally Stalls: On-Chain Signal Flashes Red as Price Nears All-Time High

Apparent Demand Turns Negative, Signaling Potential Peak

Listen up, crypto fans! Bitcoin's been on a wild ride lately, inching ever closer to those dizzying record highs. But hold onto your hats, because a fresh on-chain signal is sounding the alarm bells!

CryptoQuant's Crazzyblockk dropped a bombshell on June 29, revealing that Bitcoin's "apparent demand" has taken a nosedive into negative territory. That's right, folks, the new buyers just aren't showing up to the party like they used to, while miners and long-term holders are flooding the market with supply.

So, what's the deal with this apparent demand metric? It's all about comparing the fresh faces in the crowd to the old-timers cashing in their chips. We're talking newly minted Bitcoin and those long-term holders waking up from their crypto slumber. When demand's strong, it's like a rocket booster for prices. But when it flips negative? Watch out, because it means the newbies aren't gobbling up the supply fast enough. And when those seasoned long-term holders start selling? That's when you know the party might be reaching its peak.

Right now, Bitcoin's hanging out at $108,190, up a measly 0.8% in the last 24 hours. It's been bouncing between $100,546 and $108,706 over the past week, still 3% shy of that mind-blowing all-time high of $111,814 from May 22.

From a technical standpoint, Bitcoin's still partying in the upper range of its Bollinger Bands, and that 20-day moving average? It's been smashed through like a hot knife through butter, screaming short-term bullish momentum. But don't get too cocky, because there's a wall of resistance waiting at $109,000 to $110,000.

The relative strength index is chilling at 56.89, right on the edge of becoming overbought. If Bitcoin can break out above $111,000, it's game on for the bulls. But if it gets rejected and tumbles below $105,000? Hold tight, because it might be a wild ride down to $101,000.

And let's not forget the big bad world out there, because macroeconomic events could send prices into a tailspin in the coming days. All eyes are on the European Central Bank forum this week, where the big shots like Federal Reserve Chair Jerome Powell will be dropping knowledge bombs on Tuesday, July 1. He'll be joined by his counterparts from the UK, South Korea, and Japan, and you know they're gonna stir the pot.

Powell's been playing it cool, telling lawmakers the Fed's in no rush to cut interest rates. But President Trump's not having it, calling him out for keeping rates "artificially high" in a June 29 interview. The pressure's on, and it's anyone's guess how it'll play out.

So, buckle up, crypto warriors, because without a surge in apparent demand and with these macroeconomic storms brewing, Bitcoin might struggle to break through that resistance without some serious catalysts coming to the rescue.