Glassnode: BTC short-term holders’ cost line is at $106,000. If it fails to break through the $116,900 resistance, it may fall to $110,000.

According to Glassnode analysis, Bitcoin prices have entered a correction phase since reaching a record high of $123,000 in mid-July. The price has fallen below the bottom of the $116,000 supply chain, entering a low-liquidity "white zone" with a lower limit of $110,000. Short-term holder profitability has fallen to approximately 70%, and ETFs have seen a massive outflow of 1,500 BTC, the largest single-day outflow since April this year. Perpetual contract funding rates have fallen back into neutral territory, indicating a weakening of speculative interest. Despite some bargain-hunting activity, demand is insufficient to break through the key resistance level of $116,000. Future market trends and investor confidence remain under scrutiny.