Bitcoin network hits new strength, but BTC price stays flat – Why?

After assessing on-chain strength, it’s worth zooming out to the macro backdrop.

Source: Alphractal

At press time, the Financial Conditions Index Proxy, a composite measure of market stress, was in supportive territory at -0.3.

Historically, when this index turns positive, it often aligns with major Bitcoin bottoms or prolonged bearish phases. For now, financial conditions remain loose, indicating a favorable environment for risk assets like Bitcoin.

Source: Alphractal

However, a sustained upward move in this index would warrant caution, as it could mean tighter liquidity and growing pressure across broader markets.

Price is range-bound

Bitcoin’s price traded around the $103K mark at the time of writing, so there’s limited momentum despite stable network health.

The RSI showed mild bearish sentiment and room for further cooling. The MACD indicator also remained below the signal line, so there’s weak short-term momentum and indecision among traders.

Source: TradingView

While volumes improved slightly, they’re not yet proving a strong trend shift. BTC appears to be consolidating after its recent ups and downs. This could swing either way; only time will tell.