Bitcoin Price Slips Below $110,000 As Conviction Continues To Erode
Bitcoin fell below $110,000 due to weakening investor conviction and renewed selling pressure from long-term holders.Summary
Bitcoin (BTC) extended its decline, dropping below the $110,000 mark as investor conviction weakened amid shifting market conditions. This retreat follows failed recovery attempts, suggesting fading bullish momentum. Analysis of the Cost Basis Distribution Heatmap shows that renewed selling from long-term holders (LTHs) is creating resistance near $115,000, mirroring patterns seen after previous all-time highs. The Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) metric indicates the market is in a delicate balance, suggesting a potential prolonged consolidation period if confidence continues to erode. At the time of writing, BTC traded around $108,590, needing to hold above $105,000 support to prevent deeper corrections. To invalidate the bearish outlook, Bitcoin must decisively reclaim $110,000 and breach $115,000.
(Source：BeInCrypto)