According to BlockBeats, on August 7, Glassnode cited data in its latest crypto weekly report indicating that from a macro perspective, Bitcoin's current price is above the cost base of short-term holders (STH) (106,000 dollars), falling within a 'moderate but not overheating' range. This structure is consistent with typical bull market characteristics, and the STH cost base has historically been an important threshold for distinguishing short-term bull and bear trends.
Glassnode believes that the market has now entered a correction phase after reaching an all-time high, and the competition for key levels will determine the future market direction. Investor behavior indicators show that the market is currently in a relatively balanced state — several indicators based on short-term holders (STH) are still consistent with typical bull market trends. Although there has been a significant outflow of funds from Bitcoin ETFs, so far, this outflow has been short-term, and there is not enough evidence to suggest that a structural outflow trend is forming.
The current support level is at the historical high of 110,000 dollars from the previous cycle, while the resistance level is at the recent accumulation range bottom of 116,000 dollars.
