Glassnode: The cost line for BTC short-term holders is at $106,000. If it cannot break through the $116,900 resistance, it may fall to $110,000.

PANews August 7 news, according to Glassnode, the price of Bitcoin has been continuously pulling back since it reached an all-time high of $123,000 in mid-July. It has now fallen below the lower limit of the $116,000 supply zone, touching a low of $112,000, and has entered a low liquidity "gap". The profit rate for short-term holders has dropped to around 70%, but the lack of significant demand may weaken confidence and further exacerbate selling pressure. Buying on dips has pushed the price back above $114,000, but the supply between $110,000 and $116,000 is relatively 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 remains above this level, which is consistent with the normal adjustment phase in a bull market. At the same time, the funding rate in the main perpetual contract market has declined, indicating weakened leverage interest. If it cannot break through the resistance at $116,900, the price may further drop to $110,000.