Will Bitcoin price test 104 thousand dollars again?

Bitcoin continues to attract the attention of investors amid recent fluctuations. Particularly since July, Bitcoin has struggled to surpass a certain cost level, raising concerns among investors.

According to data from the on-chain analysis platform Glassnode, Bitcoin’s 104,000 dollar cost basis has not been reclaimed by top-level investors. This situation signals the possibility of a price pullback and has become a critical point for investors.

Testing this level again could lead Bitcoin into the control of peak investors who bought during previous rally periods. Glassnode notes that capitulation periods in the past have generally taken time and resulted in deeper price discounts. Therefore, a cautious approach is recommended for investors.

Testing Bitcoin’s cost basis around 104,000 dollars may be a critical phase for the market to regain control of strong buyers. If this area holds, Bitcoin's long-term uptrend may find support again. However, it should also be noted that a market unable to reclaim the cost basis of top investors typically tends to find equilibrium at lower prices.

In conclusion, it is essential for investors to be cautious during this process. Bitcoin’s price movements and critical levels should be closely monitored, as these levels can have a decisive impact on the market's direction.