glassnode: Bitcoin Still Faces Further Downside Risk, Reaching $114K to $116K Needed to Confirm New Uptrend
BlockBeats News, September 5th, glassnode published a market analysis stating that on-chain data shows Bitcoin investors bought in the range of $108,000 to $116,000, filling the short position gap. This reflects a positive buy-the-dip behavior but does not rule out the possibility of further decline. If it falls below $104,000, a replay of the previous post-all-time-high weakness phase could occur, dropping to $93,000 to $95,000.
The profit-taking ability of short-term holders plummeted to 42% during the market sell-off, then rebounded to 60%. This rebound has kept the market neutral but fragile, with a confirmation of new growth momentum only if the price rises to $114,000 to $116,000.
Moreover, off-chain market sentiment is cooling down. Futures funding remains neutral but fragile, while ETF inflows have slowed significantly. Bitcoin ETF flows are mainly driven by directed spot demand, while Ethereum flows reflect a mix of spot demand and spot purchase arbitrage.
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