[Analysis: Bitcoin Trapped in a 'Structural Deadlock,' Demand Corridor Absorbs Selling Pressure but Heavy Overhead Resistance Limits Rebound Potential] According to Glassnode's analysis, Bitcoin's price remains trapped between the Realized Market Value (approximately $79,200) and the Realized Price (approximately $55,000), reflecting a defensive posture following a structural breakdown. The current demand corridor between $60,000 and $72,000 continues to absorb selling pressure, but significant unrealized losses in the $82,000–$97,000 and $100,000–$117,000 ranges present potential resistance during rebounds. Short-term holders remain in a net loss position, highlighting weak confidence among recent buyers and limiting the sustainability of upward price movements. Institutional capital flows in digital assets have shifted to net outflows, indicating that institutions are broadly adopting risk-off strategies, with limited capacity for spot market absorption. Spot trading volumes surged during sell-offs but failed to sustain, suggesting that market participants are primarily reacting passively rather than actively building positions. Perpetual contract open interest has cooled, and directional premiums have compressed, reflecting the exit of leveraged traders and a decline in speculative momentum. Implied volatility and skew indicators show a persistent demand for downside hedging, consistent with a defensive market stance. Market makers' gamma values and options positioning structures have exacerbated price volatility, leading to short-lived market movements in a fragile liquidity environment.