PANews reported on August 7 that, according to Sentora (formerly IntoTheBlock), on-chain data analysis shows that Bitcoin's recent volatility remains around 20%, exhibiting a long-term downward trend, with no signs of compression in the short term, and the market as a whole is in a range-bound state.
At the same time, the correlation between Bitcoin and traditional financial markets is gradually increasing, particularly with the S&P 500, indicating that Bitcoin's sensitivity to macroeconomic conditions may be rising.
In terms of on-chain costs, currently about 95% of Bitcoin addresses are in profit, but this is down from the historical high of $121,000 reached in July. Data shows that many holders purchased Bitcoin in the range of $116,000 to $119,000 and are currently at a loss, which may become a significant resistance level for future price increases.
