Bitcoin's Short-Term Holder Spent Output Profit Ratio (STH SOPR) has fallen below 1, suggesting increased selling pressure in the market. On-chain data from Axel Adler highlights a decline in sentiment, with many holders experiencing losses. Bitcoin is currently trading around $89,900, marking a 30% decrease from its recent peak. The 7-day average of the STH SOPR is approximately 0.99, indicating persistent emotional selling among investors. Additionally, Bitcoin's 200-week moving average is under pressure, while the 50-week moving average remains bearish, further contributing to the negative market outlook.