Will Bitcoin price retest 104 thousand dollars?

Bitcoin continues to attract the attention of investors with recent fluctuations. Especially 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 cost base is unable to be reclaimed by higher-level investors. This situation signals potential price pullbacks and has become a critical point for investors.

The retest of this level could bring Bitcoin under the control of peak investors who purchased during previous bullish periods. Glassnode points out that capitulation periods in the past have typically taken time and resulted in deeper price discounts. Therefore, a cautious approach is recommended for investors.

Testing the $104,000 cost base may be a crucial stage for the market to return to being under the control of strong buyers. If this region is maintained, Bitcoin's long-term bullish trend could find support again. However, it should also be noted that in the current conditions, a market that cannot reclaim the cost base of upper-level investors generally tends to find equilibrium at lower prices.

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