Glassnode: BTC is again at a key fork.

Analysts at #Glassnode note that recently, the price temporarily fell below the short-term holders' cost basis (STH Cost Basis), which is around $108,900. Historically, trading below this level often precedes multi-month bearish phases. IF the support does not hold - the statistical range indicates a mid-term bottom zone of $93,000-$95,000.

At the same time, commenting on the scale of the correction, analysts write that the current drop from the ATH is around 11.4% - relatively shallow by Bitcoin's standards. In the middle of the cycle, bearish pullbacks are typically over 25%, and capitulations are more than 75%. So far, the movement does not resemble historical extremes - this is a moderate correction, not a crash.

Derivatives, meanwhile, show a "fragile neutrality." The average funding rate for perpetual futures is around 0.01% - neutral but without confidence. "Buying on the dip" is present, but a slight increase in selling pressure can quickly shift sentiment to bearish.

A marker for the bulls - hold $108,900$ (STH Cost Basis) - then the likelihood of continued growth will sharply increase.

A marker for the bears - a consolidation below $108,900, which could open the way to $93,000-$95,000.