Bitcoin's price recovery is hindered by significant overhead supply, with the cryptocurrency trading between $93,000 and $120,000. On-chain data indicates that a substantial portion of Bitcoin's supply is held at a loss, with 23.7% of the supply currently underwater, reflecting investor stress. Despite these challenges, the True Market Mean remains stable at approximately $81,000. Market dynamics show weak spot demand, while futures and options markets maintain a neutral stance. Off-chain positioning suggests that Bitcoin will likely remain range-bound as the year-end expiries approach, with no immediate catalysts for a breakout.