A Bitfinex Alpha report notes that Bitcoin's upward attempt stalled, with the price failing to hold the $95,000-$98,000 resistance level and retreating back into its established range. After reaching a high of $97,850 in mid-January, Bitcoin has fallen by more than 10%, breaking below its year-opening price. Spot buying momentum weakened, and ETF outflows intensified. Derivatives positions have been adjusted in an orderly manner, and volatility remains confined to short-term contracts, indicating that market caution is event-driven rather than driven by broader market mechanism shifts. Without a recovery in spot and ETF demand, Bitcoin may continue to trade within a range until a clearer demand catalyst emerges.