Bitcoin Stalls Below $90,000 as On-Chain Data Points to Consolidation, Not Reversal

Bitcoin is struggling to regain upward momentum, currently trading around $87,236 and stalled below the $89,800 resistance level, signaling a period of consolidation rather than a significant bearish reversal.

On-chain data supports this view: the Realized Cap Change has dropped sharply to 1.4%, indicating softer net inflows and reduced investor urgency, consistent with re-accumulation phases. Simultaneously, the STH-LTH Supply Ratio has risen to 18.5%, suggesting increased participation from short-term, speculative holders, which typically leads to range-bound price action and higher short-term volatility.

For now, BTC is expected to maintain stability above the $85,000 support level. A decisive break above $89,800, requiring stronger buying pressure, would be needed to invalidate the consolidation thesis and potentially target $91,521 or $95,000.

(Source：BeInCrypto)