Bitcoin's rally in early January stalled around $98,000, failing to break through a key supply zone near the short-term holding cost basis, as noted by Glassnode. On-chain data shows that selling pressure mainly comes from investors who bought from early 2025 to mid-year, with those holding for 3-6 months experiencing the most significant losses. Although the selling pressure in the spot market has eased slightly, buying remains selective, and institutional demand is also uneven. The drop below $90,000 coincides with macroeconomic pressures and over $1 billion in ETF outflows, but Glassnode considers this only a market consolidation phase rather than a decisive crash, as the market is building a bottom and waiting for more clear catalysts to emerge.