- Bitcoin hovered near $110K while Exchange Whale Inflows fell to a cycle low of $2.99B.
- Technical resistance builds near $111K as derivatives volume fades and Stochastic RSI flashes overbought.
Bitcoin’s [BTC] price hovered just under $110K on the 11th of June, testing a long-standing supply zone between $109K and $111K.
While this area capped previous rallies, on-chain and technical signals now suggest a stronger structural setup.
Interestingly, Whale Inflows to Binance have dropped to cycle lows and historically, whale inflows surged during peak euphoria, often marking short-term tops.
This cycle, however, tells a different story, as large holders appeared to be sidelined or accumulating quietly, suggesting that they were expect more upside rather than rushing to take profits.
With prior peaks showing $5.3B to $8.45B in inflows, the current behavior reflects stronger conviction. Therefore, the restrained exchange activity may signal that Bitcoin’s rally still has room to evolve.
Source: CryptoQuant
Does BTC signal room for more upside?
The NVT Golden Cross dropped to 0.33—far below the 2.2 overbought threshold—suggesting BTC is not yet at a valuation extreme.
In previous cycles, higher NVT values coincided with overheated conditions, but the current reading implies price remains grounded in transaction activity.
This supports the case for further upside without the risk of a local top.
Therefore, on-chain valuation metrics reflect a neutral-to-bullish environment, potentially allowing BTC to push through the current supply zone if momentum persists.
Source: CryptoQuant
Can Bitcoin still fuel long-term demand?
Meanwhile, BTC’s Stock-to-Flow Ratio has dropped by 25% to 795K, showing a short-term deviation from its scarcity-driven valuation model.
However, the broader trend still supports long-term bullishness as post-halving supply remains low.
While the dip could reflect temporary circulation or decreased demand, it has not significantly altered market structure.
Therefore, the scarcity narrative remains intact, though short-term price direction may depend more on speculative flows and macro signals than on pure supply metrics.
Source: CryptoQuant
Derivatives market cools off
Futures and Options activity has cooled significantly.
BTC Futures volume dropped 29.68%, while Options volume fell 37%. Open Interest slipped 2%, though Options OI rose slightly by 1.85%.
This suggests reduced speculative appetite—but not a full retreat. Funding remained positive, with the OI-Weighted Funding Rate printing 0.0075%.
Naturally, this reflects mild long bias without aggressive leverage.
Compared to previous cycles where overheated Funding Rates preceded reversals, current conditions look far more controlled.
Source: CoinGlass
Past resistance or another rejection?
Technically, BTC is testing the $109K–$111K supply zone while holding above a rising trendline.
However, the Stochastic RSI reading above 93 indicates overbought conditions. This suggests potential for a minor pullback or sideways action before continuation.
Despite some challenges, the upward trendline and metrics like low exchange inflows suggest a positive setup.
BTC must break through this resistance to confirm the next move, while bulls remain in control.
Source: TradingView
Bitcoin’s stability near $110,000, despite reduced whale inflows and a dip in derivatives activity, shows strong support.
Although momentum has waned and the Stochastic RSI indicates potential short-term exhaustion, the lack of aggressive selling suggests limited downside risks.
If bulls break through the $111,000 supply zone, Bitcoin could enter a new price discovery phase, backed by both technical indicators and long-term holder confidence.
