CryptoQuant: On-chain data indicates strong support in the $108,000 to $112,000 range, and the current pullback is normal

According to CryptoQuant analyst Maartunn, Bitcoin recently hit a new all-time high, but long-term holders have begun selling on the rallies, including a Satoshi-era wallet that sold 80,000 BTC. Despite the surge fueled by institutional investors like Strategy and Metaplanet, Bitcoin has failed to maintain its position around $120,000. Data shows that short-term holders lost over 160,000 BTC between mid-July and early August, with the losses occurring after July 31st being particularly persistent and worthy of attention. Furthermore, outflows from Bitcoin ETFs have increased. Bitcoin is currently seeking support around $112,000, with on-chain data indicating strong support in the $108,000 to $112,000 range. Analysts believe the current correction is still normal, but a break below the previous high of $112,000 would signal a shift in market behavior.