Glassnode indicates Bitcoin struggles to retake the short-term top buyers' cost level of approximately $116,900, suggesting that failure to surpass may lead to prolonged consolidation or a slight correction near $110K.
On August 7, Glassnode reported that Bitcoin is attempting to reclaim a critical threshold of around $116,900. Trading at roughly $116,800 with a 24-hour gain of 2.45% per HTX data, the report warns that sustaining below this level could result in extended consolidation or a pullback to just over $110K.