Bitcoin Faces Resistance Despite Recent Rally

Bitcoin has experienced a nearly 5% rally from its late January lows, reaching approximately $76,980. According to NS3.AI, this increase was driven by a bullish divergence observed on the 4-hour chart. Despite this upward movement, three crucial on-chain metrics suggest weak market conviction, potentially hindering the rally's sustainability. These metrics include the UTXO Realized Price Distribution, rising exchange reserves, and a low Spent Output Profit Ratio (SOPR). The price is encountering significant resistance levels at $76,980, $79,360, and $84,640. Without confirmation from institutional investors, the potential for continued upward movement remains uncertain.