Bitcoin Falls to Four-Week Low, Market Fatigue Emerges—Glassnode
According to on-chain analysis, Bitcoin may face deeper adjustment risks as the cumulative profits realized by long-term holders have reached the previous market cycle peak levels.
Long-term holders have realized profits of 3.4 million Bitcoin (BTC), and the inflow of funds into ETFs has also slowed down. According to Glassnode, signs of 'fatigue' emerged last week after the Federal Reserve cut interest rates.
According to TradingView data, Bitcoin has currently fallen below the key support level of about $112,000, hitting a four-week low of $108,700 in trading on Coinbase on Thursday night.