CryptoQuant Analysis: There is strong support for Bitcoin in the $108K to $112K range

According to news from Hash World, CryptoQuant analyst Maartunn has analyzed that Bitcoin recently reached an all-time high, but as long-term holders began to sell off in the market, including a wallet from the Satoshi era that sold 8,000 Bitcoins, the market failed to stabilize at the $120,000 level. Despite the intervention of institutional funds like strategies and Metaplanet driving the increase, Bitcoin is still seeking support around $112,000. On-chain data indicates that there is strong support in the $108K to $112K range. Data shows that short-term holders accumulated unrealized losses of 16,000 Bitcoins between mid-July and early August, especially with losses persisting longer after July 31. Additionally, outflows from Bitcoin ETF funds have also started to increase. Analysts believe that the current market correction is a normal phenomenon, but if it falls below the previous high of $112,000, market behavior may change.