Bitcoin is currently facing a bearish divergence as metrics indicate a lack of bullish momentum. This situation emerges from recent findings by Capriole Investments, which highlight alarming trends in the Bitcoin Macro Index. Created in 2022, this index employs machine learning to analyze various on-chain and macro-market data, excluding price data and technical analysis. Since late 2023, the index has shown lower highs, suggesting that BTC/USD might have already reached a long-term peak. Analysts from CryptoQuant also report on four on-chain metrics indicating significant turbulence in Bitcoin's market dynamics, although none signify an overheating or cycle-top scenario. One key metric, the Inter-Exchange Flow Pulse (IFP), needs to surpass its 90-day simple moving average for a positive shift. The outlook remains uncertain, raising doubts about Bitcoin's potential to reach a $110K price point amidst these developments.

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