Reports are that Bakhmut may be falling before too long.
* After Russia took Soledar in mid-January, they near-surrounded Bakhmut on 3 sides.
* Ukraine had started solidying positions further West, and destroying bridges, indicating that they may have been preparing an eventual withdrawal.
* Currently, hundreds of soldiers on both sides are dying every day in the fighting for Bakhmut alone. Estimates are around 200-300 Ukrainian and as many as 1,100 Russian per day. If Russia does capture the city, it will have been at a cost of multiple tens of thousands of soldiers. Some analysts believe that the sheer cost of personnel to Russia would make the capture a Pyrrhic victory by now.
This single city has been the site of the most protracted, intense fighting of the war, with the possible exception of Mariupol. The civilian population has dropped from a pre-war 70,000 to ~4,000, mostly in bunkers. Large swathes of the city itself have been reduced to rubble and is borderline unliveable after months of constant Russian missile and rocket bombardment.
Bakhmut is not hugely strategically important. It's not a transport hub, and its infrastructure has been essentially destroyed. Its only realistic strategic value would be as a closer mustering ground for attacking further West. Most view it as a symbolic or political target for both Russia and Ukraine-- though I've also seen it suggested that Ukraine has been holding on so doggedly precisely because Russia was losing so much more than they were in the battle to take it. "Never interrupt your enemy when he's making a mistake", to paraphrase Napoleon.