glassnode: Bitcoin Nearing Breakout Point, $114k Key Level for Bulls and Bears
BlockBeats News, September 10th. Glassnode published a market insight stating that the current Bitcoin Short-Term Realized Volatility has dropped to around 30% or below, marking a low volatility range since hitting $107,000. Such calmness rarely persists, with volatility spikes often following. The market is nearing a tipping point, with momentum about to shift.
Market momentum can be evaluated from various perspectives—one of which is through Capital Inflow Realized Profit (30-day moving average). Currently, this figure is at $1.17 billion per day, a decrease of about 47% from the peak of $2.2 billion in June, but still above the baseline during the bear market (<$800 million). Momentum is weakening, and the balance is becoming fragile. The net flow of the US Spot ETF (90-day moving average) also shows a similar trend. This indicates a significant decline in TradFi buyer momentum, signaling a waning institutional demand.
However, the drop to $107,000 triggered panic selling by top buyers, laying the typical foundation for a market rebound. Bitcoin may rebound to $114,000 in the short term, but as long as the price remains below this level, the overall trend is likely to remain bearish.
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