BTC is stuck in the 84K-91K range and unable to break out, with 7 million coins on-chain at an unrealized loss, repeating the 2022 scenario.

[Bitpush] The recent BTC price action is a bit subtle—although it has climbed up from the lows, it remains stuck in this awkward range between $84,000 and $91,000, unable to break out. What’s even more frustrating is that the S&P 500 is nearing its all-time high, while Bitcoin is still dithering here—the decoupling trend is becoming increasingly obvious.

On-chain data tells the story even more clearly: over 7 million BTC are currently in an unrealized loss state. This scenario feels familiar—early 2022 was similar, with the market trading sideways and unable to reclaim the true mean. This line is critical; it basically distinguishes whether we’re in a mid-cycle soft correction or sliding towards a full-blown bear market.

But it’s not all bad news. Capital inflows, while not strong, are at least still positive, which helps prevent further declines. The problem lies in the spot market: US Bitcoin ETFs continue to see outflows, and you can visibly see a drop in active buying interest. Looking at the net cumulative trading volumes across major platforms, it has clearly turned negative—people’s current strategy is to sell into strength rather than accumulate on dips.

In short, the market appears stable on the surface right now, but it’s still rather fragile underneath—spot demand isn’t keeping up, and structural issues remain unresolved.