Glassnode: BTC's key support is between $107,000 and $108,900. If it falls below, it will drop to $93,000 to $95,000.

According to Glassnode data, Bitcoin is currently trading at $111,000, testing the key support range of $107,000 to $108,900. A break below this range could lead to further declines to $93,000 to $95,000. Pressure on short-term holders is intensifying, and $113,600 may become a rebound resistance level. Data shows that Bitcoin's current retracement is approximately 11.4%, significantly lower than the 25% to 75% retracements seen in historical bear market cycles. The overall market has yet to show signs of widespread panic selling. Furthermore, spot demand is trending neutral, while perpetual swap market sentiment is bearish but fragile. Funding rates remain around 0.01%, indicating that market sentiment remains uncertain.