Risk-off signals temper Bitcoin’s bullish momentum

[johnblockbuster]

While Bitcoin has shown short-term strength, several onchain and macro indicators continue to flash caution. Analyst Leo Ruga noted that both the BTC composite risk oscillator and onchain pressure metrics remain in “risk-off” territory—levels typically associated with market stress rather than sustained rallies.

Ruga said a durable recovery would likely require selling pressure to fully exhaust. Until then, upside moves may struggle to hold.

Meanwhile, the Bitcoin Whale Ratio is hovering near its 100-day average, signaling neutral behavior from large holders. Analysts say whales are neither aggressively selling nor accumulating, increasing the likelihood of continued volatility without a clear directional trend.

[madmax]

so basically btc pumps a bit, whales chill, and retail barely moves… classic “fake hype” rally setup.