Bitcoin's recent price momentum has stalled after a breakout attempt in January, which briefly pushed the price near $98,000. Following that surge, the cryptocurrency slipped below $90,000 due to persistent selling pressure from recent buyers at breakeven levels. Glassnode's analysis indicates that this selling has created a significant overhead supply, making it challenging for Bitcoin to gain traction. While some analysts view this pullback as a normal consolidation phase rather than a clear trend reversal, the market remains fragile. Onchain data reveals that much of the selling pressure comes from investors who bought Bitcoin between early and mid-2025. These holders are now liquidating their positions as prices return to their entry points. Loss realization is prevalent among traders with three to six months of holding time, while profit-taking has been focused on securing modest gains rather than betting on a strong upward trend. Despite a slight improvement in market conditions, including reduced sell-side pressure on major exchanges, Glassnode remains cautious about overall market optimism. Institutional demand appears inconsistent, with corporate treasury activity being sporadic and derivatives participation thin. Recent macroeconomic pressures, such as turmoil in Japanese government bonds and geopolitical tensions, have also contributed to Bitcoin's price decline, resulting in over $1 billion in liquidations. The analysts suggest that the current market phase reflects a lack of conviction among investors, with prices more influenced by uncertainty than aggressive trading. They believe the market is tentatively building a base, awaiting a clearer catalyst to absorb the overhead supply and stimulate demand.