Bitcoin is currently in a correction phase, which is typical after reaching all-time highs, as identified by crypto analytics firm Glassnode. For the market to shift from correction to seller exhaustion, BTC price needs to fall to approximately $104,000. The price fluctuations since mid-August have seen Bitcoin decline to $108,000 before bouncing back to around $112,000, raising questions about whether this downturn signifies the beginning of a bear market or a temporary contraction. Researchers highlighted that the active BTC supply, categorized into quantiles, indicates that historical consolidation occurs around the $104.1k to $114.3k range. A drop below $104.1k could mirror earlier exhaustion phases, while a recovery above $114.3k would suggest strengthening demand.

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