PANews August 7 news, according to Glassnode, the price of Bitcoin has been continuously correcting since reaching a historical high of $123,000 in mid-July, currently falling below the lower limit of the $116,000 supply zone, hitting a low of $112,000, and entering a low liquidity 'gap zone'.
The profit rate for short-term holders has fallen to about 70%, but a lack of significant demand may weaken confidence and further intensify selling pressure. Dip buying has pushed the price back above $114,000, but the supply in the $110,000 to $116,000 range is light, and the market may need more time to build a support base.
The cost line for short-term holders is at $106,000, and the current price is still above this level, consistent with the normal adjustment phase in a bull market. At the same time, the funding rate in the major perpetual contract market has decreased, indicating weakened leverage interest; if it cannot break through the $116,900 resistance, the price may further drop to $110,000.
