Bitcoin struggles to break $90K as short-term holders face selling pressure

Bitcoin price has been struggling to break above the $88,000 resistance after forming lower highs and lower lows since reaching $88,752 on March 24. The constant sell-side pressure from short-term holders (STHs) is a major reason for the current price struggles. The market is described as "top heavy" with investors who bought BTC at higher prices holding a significant portion of the supply, leading to intense selling pressure. Liquidity conditions have also contracted, with onchain transfer volumes and active address count decreasing, limiting the market's capacity to rally past $90,000. The lack of new demand entering the market, combined with macroeconomic uncertainty, has further contributed to the challenges faced by Bitcoin in breaking through the $90,000 threshold.