Recently, there has been an interesting phenomenon in on-chain data—whales and long-term holders have been quietly accumulating during the pullback. On-chain analysts like DeFiTracer have confirmed through chain data that old wallets from the Satoshi era are also active, indicating that many people see the current price levels as a good entry point. Large addresses at the whale and dolphin levels are increasing their holdings, which actually provides an invisible support level for the price.

Think about it, this kind of accumulation usually occurs in the early to mid-cycle. Retail investors see short-term fluctuations and start panicking, rushing to sell, while smart money does the opposite—they are accumulating. But what's interesting here is that even with these positive signals, Bitcoin is still bouncing around near $90,000, without a strong upward push. This suggests that the selling pressure above is quite stubborn.

I’ve observed the short-term holder realized profit indicator (STH-SOPR), which is now close to 1, meaning short-term chips are basically at breakeven. Once this level is broken, it could trigger a new wave of upward movement. Accumulation itself is a good sign, but to truly break this deadlock, we probably need to wait for a good catalyst to appear.