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[Analysis] "Bitcoin investor sentiment cools… must surpass $114,000 to regain momentum"
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- On-chain analytics firm Glassnode said Bitcoin must break above $114,000 to recover momentum.
- Glassnode pointed to declining off-chain demand such as for Bitcoin spot ETFs and a contraction of TradFi buying.
- Glassnode said that if Bitcoin price falls below $104,000 there is a possibility of an additional drop to $93,000–$95,000.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
An analysis said Bitcoin (BTC) price must break above $114,000 to recover momentum.
On-chain analytics firm Glassnode said in its weekly report on the 4th (local time), "(Bitcoin) currently more than 60% of short-term investors are in profit," and "the price must rise to the $114,000 to $116,000 range where more than 75% of short-term investors would be in profit to secure momentum for the next rise."
Glassnode focused on off-chain indicators such as ETF inflows. Glassnode said, "Demand across the futures market is generally decreasing," and "demand for spot Bitcoin ETFs, which reflects institutional investor demand, is also in decline." Glassnode added, "Overall, in conjunction with the recent weeks' price drops, TradFi buying has noticeably contracted."
It also mentioned the possibility of a decline. Glassnode said, "If (Bitcoin price) falls below $104,000 there is a risk of a repeat of the 'exhaustion phase (Exhaustion Phase)' that occurred after past all-time highs," and "(in that case) there is the possibility of a further drop to $93,000 to $95,000."
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