"Bitcoin, Bullish Momentum Stalls...Potential Test of 103.7k Support Amid Profit-Taking"

Bitcoin (BTC) has recently reached a critical turning point amid intensifying selling pressure, according to analysts.

On the 7th (local time), cryptocurrency-focused media The Daily Hodl reported that on-chain analytics provider Glassnode stated, "There is an increasing trend of profit-taking across the market, which signals that the market is likely entering a distribution phase rather than preparing for another breakout."

Glassnode remarked, "Worsening selling pressure, weakening bullish momentum, and the outlook for demand recovery will determine the future direction of the market," adding, "Whether this period is a mid-term correction or the beginning of forming a larger peak will be decided in the coming weeks."

According to on-chain data, the first support level is at $103,700, and the second support is at $95,600. Analysts noted that if the $95,600 range breaks, there could be a short-term uptick in downside volatility.

As of 23:00 on this day, Bitcoin is trading at $105,557 in the Binance USDT market, up 1.46% from the previous day.