Bitcoin is encountering bearish on-chain signals as it struggles to regain the $90,000 mark. Recent data indicates a spike in short-term holder supply, which analyst Sunny Mom suggests is due to passive holding rather than new buying activity. Investors who entered during the October rally and November dip are now at breakeven, potentially increasing selling pressure. Demand remains subdued, with thin order books and cautious new buyers. A decline below $80,000 could prompt profit-taking by large holders following the exit of weaker hands.