Bitcoin Struggles Due to 'Lack of Investor Conviction' According to Glassnode Analysis

On-chain analytics firm Glassnode released its latest weekly report on the 29th, indicating that the Bitcoin (BTC) market is currently in a phase of adjustment and reassessment.

Over the past weekend, Bitcoin rebounded from the supply zone of $107,000 to $118,000, a range where selling pressure tends to occur, yet the selling pressure from long-term holders was strong, limiting price gains. Bitcoin temporarily recovered to the average acquisition price of short-term holders ($113,100), but has not been able to maintain this level, suggesting a weakening in market buying demand.

If this situation continues, the next critical...