Bitcoin is around $90K, but most people are only looking at the chart and missing what’s happening underneath.

Here’s where different groups stand right now:

• Short term holders bought near $102K
• Active investors sit close to $88K
• Broader market value is around $81K
• Long term realized price is still near $56K

So what’s the situation?

Newer buyers are under pressure.
Long-term holders are still comfortable.

Price is stuck in the middle, not cheap enough to panic sell, not strong enough to excite everyone.

This kind of range usually doesn’t last forever.

Either:

• weak hands slowly exit
or
• supply gets absorbed without much noise

Is this just another shakeout phase
or the base before the next move?