The post Bitcoin’s price eyes new ATH – But THIS gap could slow BTC’s rally appeared on BitcoinEthereumNews.com.

Key Takeaways Bitcoin prices were near its ATH with Z-Score at +1.5σ, miners limiting supply, S2F up 75%, and address growth climbing. Yet, BTC network activity still trails price, leaving the rally’s durability in question. Bitcoin [BTC] hovered near its all-time high, with the BTC Z-Score at +1.5σ – strong, but below the +2.5σ “overheating” mark. Naturally, this leaves room for further upside before momentum risks becoming stretched. However, the Activity–Price Divergence (APD) remained at -1.5 after rebounding from -2, highlighting that price growth is still outpacing on-chain activity. The gap between price and network fundamentals has narrowed but not closed.  Are miners quietly supporting the market by reducing selling pressure? Miners appear to be playing a supportive role in Bitcoin’s price stability. The Miners’ Position Index (MPI) sat at -0.46 at press time. It indicates that miner outflows remain below their yearly average. Although the MPI rose by 25.8% in the past 24 hours, it still reflects restrained selling behavior. This reduction in miner-led supply pressure can help maintain market stability, especially during periods of heightened volatility.  Source: CryptoQuant Can Bitcoin’s scarcity narrative fuel further upside momentum? At the time of writing, the Stock-to-Flow (S2F) ratio surged to 1.5923 million, marking a 75% increase and reinforcing Bitcoin’s scarcity appeal.  Historically, high S2F readings accompanied bullish phases as tighter supply boosted investor conviction. Of course, this follows the post-halving drop in issuance, which may amplify scarcity-driven demand from retail and institutions alike. Source: CryptoQuant Will rising on-chain participation close the gap with price? On-chain activity improved, with new addresses up 25.47% and active addresses up 11.11% in a week. Zero-balance addresses fell 2.69%, at press time, meaning more wallets held BTC. Such growth expands the user base, deepens liquidity, and strengthens market resilience. If sustained, it could narrow the price-activity gap…

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Filed under: News - @ August 10, 2025 1:19 am