Bitcoin's long-term holders are showing early signs of capitulation as the Long-Term Holder Spent Output Profit Ratio (LTH SOPR) dips below 1.0, indicating sales at a loss. This shift suggests growing market uncertainty, with Bitcoin trading near $92,000. Historically, long-term holders have provided market stability, but their recent selling could signal short-term weakness or a change in sentiment. The LTH SOPR measures whether Bitcoin moved on-chain is sold at a profit or loss, with values below 1.0 indicating capitulation. Recent analysis by Darkfost highlights that Bitcoin held for over six months briefly fell below this threshold, a pattern often seen in bear markets. Additionally, large investors have reduced their holdings significantly, with addresses holding 1,000 to 10,000 BTC shedding 220,000 BTC over the past year. Despite these signals, some analysts point to potential bullish patterns, such as a "hidden bullish divergence" on Bitcoin's weekly chart. The market remains in a tight range between $90,000 and $92,400, with a recent 1.7% price increase to $92,200. Analysts suggest that breaking the $92,000–$94,000 range could spur renewed buying, though repeated resistance may challenge momentum.