Will Bitcoin price test 104 thousand dollars again?

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

According to data from the on-chain analysis platform Glassnode, the cost basis of Bitcoin at $104,000 cannot be reclaimed by top-level investors. This situation signals potential price pullbacks and has become a critical point for investors.

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

Testing the cost basis around $104,000 for Bitcoin could be a critical stage for the market to regain the control of strong buyers. If this region is maintained, Bitcoin’s long-term upward trend could find support again. However, it should also be noted that in current conditions, a market that cannot regain the cost basis of top investors generally tends to find equilibrium at lower prices.

In conclusion, it is important 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 direction of the market.