Bitcoin Breakdown Begins — On-Chain Signals Say “Brace for $104K”

Bitcoin experienced renewed weakness, dropping nearly 4% on Monday, prompting an on-chain analysis from Glassnode suggesting a potential test of the $104,000 support level. The analysis focuses on the "Top Buyers Cost Basis Distribution" metric, which tracks the average acquisition prices of recent, high-price purchasers, defining key support/resistance quantiles (0.99, 0.95, 0.89, 0.79).

Glassnode noted that since July, Bitcoin has failed to reclaim the cost basis of top buyers. After holding the 0.89 Quantile (around $111,000) as support for two months, this level flipped to resistance following an October rally. This structural weakening led Glassnode to warn of increased odds for a retest of the 0.8-quantile cost basis, near $104,000, as top buyers capitulate.

Bitcoin briefly dipped below $104,000 shortly after the analysis was published, confirming the immediate relevance of this key support test.

(Source：BeInCrypto)