Glassnode: BTC key support level faces testing, may drop to $93,000 to $95,000

According to news from Hashkey, Glassnode data shows that the current trading price of Bitcoin is $111,000, testing the key support range of $107,000 to $108,900. If it breaks below this range, Bitcoin may further drop to $93,000 to $95,000. Short-term holders are under increased pressure, and $113,600 may become a resistance level for rebound. Data shows that Bitcoin's current retracement is about 11.4%, which is significantly lower than the historical bear market retracement of 25% to 75%, and there has been no widespread panic selling in the market. Spot demand is neutral, the perpetual futures market sentiment is bearish but relatively weak, and the funding rate remains around 0.01%, indicating that market sentiment is still uncertain.