Glassnode: Bitcoin is currently in a post-ATH adjustment phase, with no sufficient evidence to suggest a forming trend of structural fund outflow
BlockBeats News, August 7th, Glassnode referenced data in its latest Crypto Week in Review report indicating that from a macro perspective, Bitcoin's current price is above the Short-Term Holder (STH) Cost Basis ($106,000), putting it in a "mild but not overheated" range. This structure aligns with typical bull market characteristics, as the STH Cost Basis has always been a key threshold to distinguish short-term bull/bear trends.
Glassnode believes that the market has now entered a post-historic high correction phase, where key level contention will determine the future trend. Investor behavior indicators show that the market is currently in a relatively balanced state—multiple metrics based on Short-Term Holders (STH) still align with typical bull market trends. Although Bitcoin ETFs have experienced significant outflows, these outflows have been short-term events so far, with insufficient evidence to indicate a forming trend of structural fund outflows.
The current support below is at the previous cycle's all-time high of $110,000, with resistance above at the recent accumulation zone base of $116,000.
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