On-Chain vs. Price Action for Current BTC Moves

I've been watching $BTC's reaction around the $69k level, and it seems like the on-chain metrics, while still flashing some healthy long-term signals, are having a harder time explaining the recent chop compared to pure price action. The accumulation trends are undeniable, yet the immediate market structure feels like it's being driven more by liquidity grabs and macro sentiment shifts, especially with the dollar index hovering around 105.7. It makes me wonder if too much emphasis on on-chain is causing some traders to miss the forest for the trees when it comes to short-to-medium term plays.

I'm finding myself leaning heavily on classical chart patterns and volume profiles lately, rather than diving deep into dormancy flow or SOPR. The market just feels a bit more reactive to traditional technicals right now. Am I alone in this, or are others finding the on-chain picture a bit less predictive in the current environment? Push back if you think I'm missing something crucial.