Glassnode: If Bitcoin falls below $104,000, it may trigger a price drop to $93,000 to $95,000

ChainCatcher news, according to Glassnode analysis, investors are actively accumulating in the "blank range" of Bitcoin between $108,000 and $116,000, reflecting constructive behavior of buying on dips, but there is still a risk of further contraction in the short term.

If it breaks through $114,000 to $116,000, it will reignite the upward trend; conversely, a drop below $104,000 could trigger a price decline to $93,000 to $95,000. The profit rate for short-term holders has rebounded from 42% to 60%, but the market remains in a fragile state, needing to continuously rise to $114,000 to $116,000 to enhance market confidence. In addition, the funding rate in the futures market is neutral but faces the risk of weakening demand, and ETF inflows have also significantly slowed down. Previously, Bitcoin ETF inflows were primarily driven by directional spot demand, while Ethereum showed a mixed pattern of spot demand and arbitrage strategies.