On October 30, Glassnode published a market opinion saying that the on-chain market pattern continues to reflect the market is in a stage of correction and restructuring. Bitcoin's failure to hold the cost price of short-term holders highlights its weakening momentum and continued selling pressure from short-term and long-term investors. The high degree of diversification of long-term holders and the high volume of CEX conversions indicate that market demand is close to saturation, suggesting that the market may need a longer period of consolidation to rebuild confidence. Until long-term holders start accumulating again, Bitcoin's upside space may still be limited.
The market continues to struggle above the cost price of short-term positions (about $113,000), which is a key area of momentum clash between the bulls and the bears. Failure to regain this level could lead to a further fall back to near the actual price of active investors (about $88,000).
It is worth noting that this analysis accurately forecasts the impact of the Federal Reserve's unexpected event on Bitcoin: "The current calm in the market is conditional and temporarily stable, but if the Federal Reserve's actions deviate from expectations, this calm will become fragile."
Glassnode: If Bitcoin fails to regain its footing at $113,000, it could fall to $88,000
2025-10-30 00:55:15
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