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Analysis: Bitcoin Faces Increasing Pressure Below Key Support
BlockBeats News, August 29th: After hitting a new all-time high of over $124,500, Bitcoin is still in a retracement mode, currently hovering around $110,000. Glassnode's weekly report pointed out that as investors' cost basis over the past six months came under pressure, major buyers are facing increasing anxiety. The company stated: "Therefore, any relief rally may encounter resistance, as short-term holders look to sell off at breakeven points."
The asset's price has dropped below the 1-month and 3-month realized prices, which are currently $115,300 and $113,700, respectively. However, the 6-month realized price ($107,440) is serving as a critical support level. The so-called "realized price" represents the average purchase price of coins within a specific time frame and is used to gain insights into investors' positions and market sentiment.
CoinDesk Research also noted that the realized price for short-term holders is above $108,500, a level Bitcoin bounced off on August 26th. Meanwhile, the realized price for all buyers since 2025 has dropped to slightly above $100,000. If the market continues to decline, this will become another crucial psychological barrier.
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