Glassnode: Bitcoin needs a new catalyst to avoid a “deeper correction”

“Without new catalysts to push prices back above $117,100, the market risks a further contraction towards the lower bound of the range,” Glassnode said in a report released on Wednesday. “Historically, when prices fail to hold this range, it often foreshadows a prolonged medium- to long-term correction,” Glassnode noted. The agency also mentioned that there has been an increase in profit-taking by long-term holders recently, which may indicate “demand exhaustion.”