As Bitcoin Bounces, on-Chain Data Point to Selling Pressure Near $ 113.6k

BTC HAS ALREADY BUNCED TO $ 112,800 from Sub- $ 108.800 Levels Hit Tuesday, Coindesk Data Show. The bounce is likely fueled by a Fresh All-Time High in the S&P 500 and A Better-Qan-Expected Earnings Report by Nvidia, One of The Largest Publicly Lited Companies Things Artificial Intelligence.

The Path Ahead May Prove Challenging, As Investors Holding at A Loss May Look to Sell Into Any Price Rebound.

“Currently, Bitcoin Trades Beneath the Cost Basis of Both the 1-MONTH ($ 115.6k) and 3-Month ($ 113.6k) Cohorts, Leaaving These Investory Under Stress. Any Reline. Resistance, As Short-Term Holders Seek to Exit at Breakeven, “Analytics Firm Glassnode SAID IN A REPORT PUBLISHED WEDNESDAY.

Glassnode’s Cost Basis Metric Reveals of the AVERAGE PURCHASE PRICES AT WHICH DIGITAL Assets Have Been Acquired by Wallets with Varying Holding Durations. For example, the Three-month cost Basis of $ 113.600 Indicates that Investors Holding Assets Purchased with the Past Three Months Paid, On Average, the Price Level.

Mixed FlowsAs of Now, The Spot Market Flows Suggest An Adfill Battle for the Bulls Ahead, While etf and Corporate Activity Suggest Otherjise.

“SPOT DEMAND REMAINS NEUTRAL, AS PERPETALS TILT BEARISH WITH CVD NEGATIVE. The Current Funding Rate of ~ 0.01% Points to A Fragile Neutrality. IFCE BRICE BRICE BRICE BRICE BRICE BRICE. Pathway to $ 114k – $ 116k, “Timothy Misir, Head of Research, BRN.

That said, etf inflows and corporate adoption of BTC Continues to Suckk Out Significant Supple from the Market, Offering A Bullish Hope, Misir Explained.

“ETF Flows Continue to Strengthan with $ 81 Million for Bitcoin etfs and $ 307 Million for Ethr etfs Over The Past Day. Etfs, Corporates, and Governments BTEMENTS Translates to ~ 4x Miner Issuance.

Gauging Key SupportShould Btc Turn Lower, THEN $ 107,000 is the Key Support Level to Watch.

That’s Because Analysis by Glassnode Shows that The Six-Month Cost Basis is at that Level. SO, A Break Lower Wound Prompt Tese Holdings to Sell, Potentally Causing A More Profound Deckline.

“The 6-Month Cost Basis Sits Near ~ $ 107k. A Sustaned Move Below This Level Risks Triggering Fear, Which Could Accelerate Downside Momentum,” Glassnode Said.