Bitcoin Stalls Below $94,000 as Rare One-Year Signal Nears a Bullish Flip

Overview

• Bitcoin trades near $92,000 after multiple failed attempts to clear roughly $94,000, with intraday analyses showing consolidation between $90,000 and $93,000.
• Around a 4–5% rise would turn the one‑year percentage change positive from about −4.5%, a setup analysts note has preceded major trend shifts in prior cycles.
• On‑chain data show short‑term holders selling at a loss, with STH SOPR below 1.0 and a negative Z‑Score indicating persistent loss‑taking pressure.
• Bitfinex highlights a dense supply band from about $92,100 to $117,400 and notes mixed spot ETF flows, cautioning that sustained demand is needed for a breakout.
• Technical risk centers on the 200‑day moving average; a breakdown could target the $80,000 area, with the two‑year SMA near $84,500 cited as a key downside level.