Glassnode: The cost line for short-term Bitcoin holders is at $106,000. If it cannot break through the resistance at $116,900, it may drop to $110,000

ChainCatcher message, according to Glassnode analysis, after reaching a historical high of $123,000 in mid-July, the Bitcoin price has been continuously correcting and is currently below the lower limit of the $116,000 supply zone, hitting a low of $112,000 and entering a "gap zone" with lower liquidity.

The profit rate for short-term holders has dropped to about 70%, but the lack of a significant rebound in demand may lead to weakened confidence, further intensifying selling pressure. Buying on dips has pushed the price back above $114,000, but the supply is lighter in the $110,000 to $116,000 range, and the market may need more time to accumulate a support base.

The cost line for short-term holders is at $106,000, and the current price is still above this level, which is consistent with a normal adjustment phase in a bull market. Meanwhile, the funding rate in the main perpetual contract market has decreased, indicating weakened leverage interest. If the price cannot break through the resistance at $116,900, it may further test the $110,000 level.