glassnode: If Bitcoin cannot hold above $113,000, it may fall to $88,000.

On October 30, Glassnode published a market perspective stating that the on-chain market pattern continues to reflect that the market is in a phase of adjustment and restructuring. Bitcoin failed to hold above the cost price of short-term holders, highlighting its weakening momentum and the ongoing selling pressure from both short-term and long-term investors. The high level of diversification among long-term holders and the substantial amount of coin transfers on CEX indicate that market demand is nearing saturation, suggesting that the market may require a longer period of consolidation to rebuild confidence. Before long-term holders begin accumulating again, the upside potential for Bitcoin may still be limited. The market continues to struggle above the short-term holdings cost price (about $113,000), which is a critical battleground for both bullish and bearish momentum. If it fails to hold above this level, it may further retreat towards the actual price of active investors (about $88,000). Notably, this analysis accurately predicted that the Fed's unexpected events would impact Bitcoin: “The current calm in the market is conditional, temporarily stable, but if the Fed's actions deviate from expectations, this calm will become fragile.”