BTC Price Stalls at Key Resistance Amid Mixed On-Chain Signals

Bitcoin (BTC) has rebounded nearly 12% from its July low of around $57,800 to trade at nearly $65,000. The recovery has unfolded within an ascending channel, reflecting a steady series of higher highs and lower lows as buyers regain momentum.

The key resistance level stands at the $67,300 zone, which aligns with the 0.382 Fibonacci retracement level. A decisive breakout above this zone could pave the way toward $70,000 and beyond.

However, on-chain data paints a mixed picture. While daily transaction activity has surged to multi-year highs, the number of active addresses has continued to decline. This suggests that the rally is being driven by increased activity from existing participants rather than broad-based network growth.