Bitcoin is struggling to regain traction below the $90,000 level as selling pressure and uncertainty continue to weigh on the market. After repeated failed attempts to reclaim higher ground, price action has turned choppy and directionless, reflecting a market increasingly driven by apathy and fear rather than conviction.
On-chain data reinforces this fragile backdrop. Analysis shared by Axel Adler shows that Bitcoin’s short-term holder Net Pressure has fallen into the bottom 5% of its historical distribution, a rare condition that signals an unusually subdued intensity of trading activity. This metric captures the balance between buying and selling from recent market participants, and its current reading points to a state of near equilibrium rather than strong directional bias.
At the same time, Bitcoin is trading below the short-term holder realized price, meaning a large share of recent buyers are sitting at or below breakeven. This dynamic typically suppresses aggressive buying while encouraging selling into rallies, as participants look to exit positions with minimal loss. The result is a market caught in balance, where upside attempts lack follow-through, and downside moves struggle to accelerate.
As Bitcoin remains pinned below $90,000, the coming weeks are likely to determine whether this rare equilibrium resolves into renewed downside or sets the foundation for a broader trend reset.
Short-Term Holder Pressure Enters Rare Neutral Zone
Recent on-chain analysis highlighted by Axel Adler points to an unusual shift in Bitcoin’s short-term holder dynamics. The chart tracks Bitcoin’s price alongside the short-term holder realized price and the Net Pressure Tilt indicator, which measures the balance between weighted selling and buying pressure from recent market participants. Positive readings reflect dominant selling pressure, while negative values signal stronger buying activity.
At present, the 24-hour moving average of Net Pressure stands at 4.79, with Bitcoin trading near $87,324. This places the indicator deep in historically rare territory. Over the past three years, the median Net Pressure value has been 73.17, a level typically associated with strong selling dominance during expansion phases. By contrast, readings below 10 have occurred in just 5.8% of all observations, underscoring how uncommon the current environment is.
Looking at recent behavior, the indicator has fluctuated between −13.30 and +16.66 over the past month. While it spent roughly 75% of that time above zero, indicating net selling pressure, the intensity has remained unusually low. This lack of force suggests neither buyers nor sellers are acting with conviction.
The market is now firmly inside the so-called neutral zone, defined by Net Pressure values between −10 and +10. Historically rare, this zone reflects a state of equilibrium where buying and selling pressures largely cancel each other out. Such conditions often precede major directional moves, making the current setup particularly important as Bitcoin searches for its next trend.
