Bitcoin Stuck Below $90K as Holders Face Critical Decision

Bitcoin's price has been stuck below $90,000, and on-chain data suggests that holders are facing a critical decision.

A metric called aNUPL, which takes into account both short-term and long-term holders, shows that unrealized profits are shrinking while losses expand.

This is a common sign of stress in the market, and it typically forces traders to choose between accumulating more or capitulating under pressure.

If long-term participants absorb the pressure and continue holding, the market can stabilize. However, if selling accelerates from stressed cohorts, the decline could deepen into a broader bear phase.