In recent days, Bitcoin has experienced a correction and fallen into a dilemma—unable to rise further, yet not falling significantly either.

Looking at the short-term holder indicator STH-SOPR, it’s clear that this indicator has been hovering around the 1 line, signaling unmistakably: as long as the price returns to the cost basis, short-term funds will immediately unwind their positions to take profits. Capital is not lacking; what’s truly missing is confidence. Funds that could have continued holding are turning around and exiting the market.

Frankly, this doesn’t resemble the start of a bull market; it’s more like the market is pausing on the halfway ascent, repeatedly testing and consuming time. As long as the STH-SOPR indicator remains around 1, it indicates a lack of upward driving force, and the market is likely to continue oscillating within a range.

Only when this indicator truly stabilizes and breaks above 1 will it mean short-term holders are willing to hold onto their positions, and market sentiment will see a real turnaround. Until then, patience through this bottoming phase is the key to survival.