Bitcoin Holds Near $90,000 as On‑Chain and Technical Metrics Indicate Structural Consolidation

Bitcoin is trading around $89,200–$90,000 while volatility appears choppy, but several on-chain and technical indicators suggest a phase of consolidation rather than a major downturn. Short-term holder supply has likely topped out, the MVRV Z-Score sits near 1.18 in a historically common valuation band, and price has remained in this zone for about 455 days. Analysts note that weakening bearish momentum and a stronger long-term holder base point to structural rebuilding, with any sustained rally likely needing improved liquidity and a clear breakout.