Bitcoin Rejected Twice at $94,000 as Short-Term Holder Losses Deepen in 2025

Over the past eight days, Bitcoin has twice retested the $94k resistance level but failed to break above it, keeping the broader trend bearish despite a three-week rebound from $84k. On-chain data for 2025 indicates short-term holders are facing some of their steepest losses, while stablecoin inflows to exchanges have dropped by 50% since August, limiting fresh demand and reinforcing a sell-the-bounce mindset rather than signaling a looming crypto winter.