[Analysis] "Bitcoin investor sentiment cools… must surpass $114,000 to regain momentum"

An analysis said Bitcoin (BTC) price must break above $114,000 to recover momentum.

On-chain analytics firm Glassnode said in its weekly report on the 4th (local time), "(Bitcoin) currently more than 60% of short-term investors are in profit," and "the price must rise to the $114,000 to $116,000 range where more than 75% of short-term investors would be in profit to secure momentum for the next rise."

Glassnode focused on off-chain indicators such as ETF inflows. Glassnode said, "Demand across the futures market is generally decreasing," and "demand for spot Bitcoin ETFs, which reflects institutional investor demand, is also in decline." Glassnode added, "Overall, in conjunction with the recent weeks' price drops, TradFi buying has noticeably contracted."

It also mentioned the possibility of a decline. Glassnode said, "If (Bitcoin price) falls below $104,000 there is a risk of a repeat of the 'exhaustion phase (Exhaustion Phase)' that occurred after past all-time highs," and "(in that case) there is the possibility of a further drop to $93,000 to $95,000."