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Bitcoin is moving in a tight zone between 89000 and 93000. This range shows a fight between buyers who want a bigger move and sellers who want to lock in profit. On chain data shows that the market is still unsure even as some early signs of strength slowly appear.

Glassnode data shows that Bitcoin has been drifting away from its true market mean value near 81900. As the price moved higher more holders turned profitable. The MVRV score which tracks this profit level moved up to about one point six seven. Daily trading volume also jumped to more than twenty two billion. But this rise in profit made some investors sell their coins. Spot ETF investors changed from buying to selling within a short time. They went from buying more than one hundred thirty million dollars worth of Bitcoin to selling more than seven hundred million dollars. This shows that many traders used the small rise to take money out of the market.

In the options market traders are still not fully sure that Bitcoin is ready for a strong push. Many are hedging by opening short positions. The twenty five delta skew rose to almost thirteen percent. This means traders are paying more to protect themselves from a drop in price. When this happens it often shows fear in the market even when the price looks stable.

Still there are signs of building strength. The fourteen day RSI rose from about thirty eight to almost fifty eight. When RSI climbs above fifty it often means buyers are getting stronger. On chain data also shows a rise in supply in profit to more than sixty seven percent. This is a good sign but it also means more holders may sell to take profit. So the market has to balance between new strength and new selling pressure.

Glassnode says Bitcoin is showing early recovery signs but the market is still getting back confidence after recent sharp moves. Analysts also warn that global economic uncertainty is one more reason for slow movement. Some stock markets have shown strong results but Bitcoin has not followed that trend. This gap is one reason traders are still careful around the ninety four thousand zone.

Short term holders also play a big role in this trend. The STH SOPR which shows if short term traders are selling at a profit or loss moved up to almost nineteen percent. The share of hot capital stayed near forty percent. This means short term traders are active and are setting the tone of the market. But many of them still sit at a loss because Bitcoin is far below their average buy price around one hundred nine thousand. If these short term holders decide to hold longer and if long term holders do the same the road to recovery becomes faster.

Many traders believe that if Bitcoin climbs closer to one hundred thousand more holders will begin to hold instead of selling as they wait for a break above their cost levels. For now the market shows a mix of early strength and strong caution. A clean move above the current range can show if this slow build in momentum is enough to push sentiment toward a more confident rising trend.
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