Bitcoin hasn’t had the best year, losing 13% year-to-date after effectively erasing all its 2025 gains in the last two months.

On‑chain analytics firm Glassnode said the road to recovery is weighed down by heavy overhead supply, rising loss realization and fading demand.

“Bitcoin remains confined within a structurally fragile range, with recent rejection near $93k and a gradual drift lower toward $85.6k highlighting persistent overhead supply,” Glassnode wrote.

The analysts concluded that a leg higher would require either seller exhaustion or a renewed influx of liquidity capable of absorbing supply.

Bitcoin has seen more than six large liquidation events this year, with total yearly liquidations exceeding tens of billions. Unlike previous cycles, the negative price action comes in a year that has been devoid of major catalysts like the FTX collapse in 2022 and the ICO bubble bursting in 2018.