Bitcoin Continues Range-Bound Trading, $100,000 as a Defensive Line According to Glassnode Analysis

On-chain analytics firm Glassnode released its latest weekly report on cryptocurrency markets on the 12th, indicating that Bitcoin is currently continuing to trade within a specific range. The report suggests that breaking out of this stalemate requires new capital inflows or changes in macroeconomic factors. Bitcoin is currently trading between $97,000 and $111,900. A brief dip below the $100,000 mark earlier this month exacerbated the downward trend that began in early October. As a result, the market has shifted to a bearish phase, with prices falling below the average acquisition cost (cost basis) of short-term holders.