Bitcoin Retreats to $91,500 as Analysts Debate ‘Dead Cat Bounce’ vs. Accumulation

“The Spent Output Profit Ratio is sitting right around 1.0, which tells us coins are changing hands at roughly break-even. Nobody’s panic selling at a loss,” Randin said. “Around 72% of supply is considered illiquid, held by entities that just don’t spend. And we’re still seeing coins move off exchanges into cold storage. That’s what accumulation looks like.”

Randin believes the $95,000 level is the critical threshold; a break past this point could “set up a run toward $100,000.”

Meanwhile, Przemek Kowalczyk, CEO of Ramp Network, cautioned against overrelying on short-term price levels, which he characterized as “easy reference points” that offer little insight on their own. Instead, Kowalczyk argued that the durability of the system is the true metric of success.

“In practice, more durable moves usually begin when risk is mispriced relative to underlying conditions,” Kowalczyk said. “When pessimism becomes the default view, the more important question isn’t who’s long or short, but whether anything in the system has actually changed.”