#数字货币市场洞察 Bitcoin is currently stuck at the $89,240 level. On the surface, things seem calm, but in reality, bulls and bears are fiercely battling below the surface. Technical indicators are sending conflicting signals, and neither side can convince the other.

However, there's an interesting detail—the on-chain SOPR ratio has dropped to 1.35, the lowest level so far this year. What does this data indicate? It shows that long-term holders are much less willing to sell. In other words, the supply of coins available to be dumped on the market may be running out.

Tonight’s main event will be the battle for a few key levels. If Bitcoin can break above and hold $89,800 with strong volume, a push toward $94,000 isn’t out of the question. But if it fails to hold $89,000, caution is needed, as it could slide all the way down to around $87,000. At this point, the market is squeezed to the point where it has to pick a direction.