Bitcoin has been stuck around the 95,000 mark for several days now, with weak upward momentum and no clear resolve to move lower. The entire market feels frozen. Recent data has started to raise concerns: yesterday, US spot ETF holdings collectively sold off significantly, with net outflows approaching $400 million. Major institutions like Fidelity, ARK, and Bitwise have all reduced their positions simultaneously, and even BlackRock appears somewhat overwhelmed. Such a situation is quite rare and indicates a clear shift in large capital's attitude toward short-term market prospects.

On the other hand, macroeconomic factors are also dampening optimism. The expectation of Federal Reserve rate cuts has been reversed—previously, the market was optimistic about a rate cut path in 2026, but now that expectation has significantly diminished. Policy adjustments have directly shaken investors' hopes for liquidity easing. The dual pressure from news and capital flows makes it difficult for BTC to find upward momentum in the short term.

From a technical perspective, the outlook is equally bleak. The price has broken below the middle band of the Bollinger Bands and firmly settled in the lower range, a typical sign of weakness. The 94,700 level has become the critical battleground between bulls and bears; once broken, the next support is likely around 90,500. All short-term technical signals point toward a correction rather than a rebound.

So the question is: is this a normal pullback within a bull market giving new buyers a chance, or the beginning of a larger correction? Based on the combined analysis of news, capital flows, and technicals, there is indeed downward pressure in the short term. For those still holding positions, the 94,700 level must be closely watched—if it gives way, preparations for further decline should be made.