Bitcoin's downward pressure appears to have eased as sell-side liquidity on exchanges declines sharply, with the liquidity inventory ratio dropping from 41 months to just over 6.5 months. Analysts suggest this tightening supply could drive prices up, despite a recent pullback to around $96,880. While miners are holding onto their BTC, indicating bullish sentiment, demand has also slowed, with spot trading volume down 53% since November.