Just noticed something on-chain that's got me watching Bitcoin closely. The SOPR metric just dropped to around 0.92-0.94, which basically means most holders are sitting in losses right now. We've been seeing some pretty heavy selling pressure the past few days, and this is the signal showing up in the data.

What's interesting is that even with inflation cooling down and rate cut expectations floating around, it's not really helping Bitcoin break out. The macro environment is giving us some breathing room, but it's not enough to push a real bull run. There's still this oscillating pattern that keeps us trapped between levels.

I think we might get some tactical bounces here and there, but honestly the market needs more concrete signals before we see real sustained buying. The liquidity recovery is moving slow, and that's what's keeping things choppy. Until we see either clearer inflation trends or actual spot demand picking up, I'm expecting this sideways action to continue. The 0.92 level is basically where we're testing right now, so that's definitely a level to watch.